江西财经大学微观经济学试题库

Microeconomics9e(Parkin)

Chapter6GovernmentActionsinMarkets

1AHousingMarketWithaRentCeiling

1)Apriceceilingisaprice

A)belowwhichasellercannotlegallysell.

B)abovewhichasellercannotlegallysell.

C)thatcreatesasurplusofthegood.

D)BothanswersAandCarecorrect.

Answer:B

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

2)Apriceceiling,suchasarentceiling,

A)alwaysresultsinasurplus.

B)alwaysresultsinashortage.

C)resultsinasurplusiftheceilingpriceislessthantheequilibriumprice.

D)resultsinashortageiftheceilingpriceislessthantheequilibriumprice.

Answer:D

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

3)Whichofthefollowingisatypicaleffectofapriceceilingsetbelowtheequilibriumprice?

A)Lessofthegoodisproducedwiththeceilingthanwouldbeproducedwithouttheceiling.

B)Thepriceceilinghasnoeffectonthemarketequilibrium.

C)Consumerscanbuymorethantheycanattheequilibriumpricebecausetheceilingpriceis

lower.

D)Noneoftheaboveanswersiscorrect.

Answer:A

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

4)Apriceceiling.

A)makesitillegaltochargeahigherpricethanspecified

B)ismoreeffectivewhenitishigher

C)isnecessarytomaintainmarketequilibrium

D)occursinhousingmarketsonly

Answer:A

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

5)Aneffectivepriceceilingonagoodorservicecan.

A)occuronlyinthemarketforrentalhousing

B)createasurplusofthegoodorservice

C)increasethepriceofthegoodorservice

D)benefitthosewhoareabletobuythegoodorserviceatthelowerprice

Answer:D

Topic:PriceCeiling

Skill:Conceptual

AACSB:ReflectiveThinking

6)Supposethegovernmentimposesapriceceilingongasolinethatislessthantheequilibrium

price.Asaresult,

A)thepriceofgasolinerisestotheequilibriumprice.

B)thereisincentiveforbuyerstoundertakesearchactivity.

C)thesupplyofgasolinewillincreaseandthesupplycurvewillshiftrightward.

D)thedemandforgasolinewilldecreaseandthedemandcurvewillshiftleftward.

Answer:B

Topic:PriceCeiling

Skill:Conceptual

AACSB:ReflectiveThinking

7)WhichofthefollowingisNOTapotentialimpactofaneffectivepriceceiling,suchasarent

ceiling?

A)asurplus

B)anincreaseinsearch

C)adeadweightloss

D)Noneoftheabovebecausetheyareallpotentialimpactsofaneffectivepriceceiling.

Answer:A

Topic:PriceCeiling

Skill:Conceptual

AACSB:ReflectiveThinking

8)Apriceceilingcanresultinwhichofthefollowing?

A)inefficiency

B)blackmarkets

C)increasedsearchactivities

D)Alloftheaboveanswersarecorrect.

Answer:D

Topic:PriceCeiling

Skill:Analytical

AACSB:ReflectiveThinking

9)Priceceilings,suchasrentceilings,

A)increaseproducersurplus.

B)decreaseproducersurplus.

C)donotaffectproducersurplus.

D)mightincreaseordecreaseproducersurplus.

Answer:B

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

10)Apriceisaregulatedthatmustbesetbelowtheequilibriumpriceto

haveaneffect.

A)floor;price

B)floor;quantity

C)ceiling;price

D)ceiling;quantity

Answer:C

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

11)Whichofthefollowingisapotentialimpactofaneffectivepriceceiling?

A)ashortage

B)useofnon-pricefactorssuchasdiscriminationtoallocatetheprice-controlledgoodto

consumers

C)deteriorationinthequalityoftheprice-controlledgood

D)Alloftheabovearepotentialimpactsofaneffectivepriceceiling.

Answer:D

Topic:PriceCeiling

Skill:Conceptual

AACSB:ReflectiveThinking

12)Inordertohaveaneffect,apriceceilingmustbeset.

A)abovetheequilibriumprice

B)equaltotheequilibriumprice

C)belowtheequilibriumprice

D)bysuppliers

Answer:C

Topic:PriceCeiling

Skill:Recognition

AACSB:ReflectiveThinking

13)Arentceiling.

A)increasesthequantityofrentalunitssupplied

B)cannotchangethemarketprice

C)setaboveequilibriumpricehasnoeffect

D)generallyaimsatinsuringthatlandlordsreceiveahigherrentthanwouldotherwisebethe

case

Answer:C

Topic:RentCeiling

Skill:Conceptual

AACSB:ReflectiveThinking

14)Sherrywantstorentanapartment.Althoughrentsarebelowwhatsheiswillingtopay,she

cannotfindanapartment.Thenafteramonthofsearching,shefindsanapartmentbutshehasto

payanadditional$1,000tohavethelockschanged.Sherryhasjustexperiencedtheeffectsof

A)arentfloorwithablackmarket

B)inelasticdemand

C)amarketworkingefficiently

D)arentceiling

Answer:D

Topic:RentCeiling

Skill:Conceptual

AACSB:Communication

15)Arentceilingthatiseffectiveresultsin.

A)asurplusofhousing

B)helpingthepoor

C)ashortageofhousing

D)nochangeinthequantityofhousingsuppliedbutadecreaseinthequantityofhousing

demanded

Answer:C

Topic:InefficiencyofRentCeilings

Skill:Recognition

AACSB:ReflectiveThinking

QuantityofQuantityof

Rent

apartmentsapartments

(dollarsper

supplieddemanded

month)

(permonth)(permonth)

20020100

3004080

4006060

5008()40

60010()20

16)TheabovetablegivesthedemandscheduleandthesupplyscheduleforhousinginAnytown,

U.S.A.Ifapriceceilingof$300isimposedinthehousingmarket,then

A)therewouldbeasurplusofapartments.

B)therewouldbeashortageofapartments.

C)themarketwouldreachequilibriumatthequantityof60housingunits.

D)thesupplyofhousingwouldincrease.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

17)TheabovetablegivesthedemandscheduleandthesupplyscheduleforhousinginAnytown,

U.S.A.Ifapriceceilingof$600wasimposedinthehousingmarket,then

A)therewouldbeasurplusofapartments.

B)therewouldbeashortageofapartments.

C)themarketwouldreachequilibriumatthequantityof60housingunits.

D)thesupplyofhousingwouldincrease.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

18)Inthefigureabove,theinitialdemandcurveis£)().Therearenorentceilingsnorrentfloors.

Theequilibriummonthlyrentis

A)$100permonth.

B)$200permonth.

C)$300permonth.

D)$400permonth.

Answer:C

Topic:AHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

19)Inthefigureabove,thedemandcurveshiftsrightwardfromDotoD\.Therearenorent

controls.Intheshortrun,theincreaseindemandresultsin

A)higherrentsandadecreaseintheequilibriumquantity.

B)lowerrentsandadecreaseintheequilibriumquantity.

C)higherrentsandanincreaseintheequilibriumquantity.

D)lowerrentsandanincreaseintheequilibriumquantity.

Answer:C

Topic:AHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

20)Inthefigureabove,thedemandcurveshiftsrightwardfromDQtoD\sothatD\isthe

relevantdemandcurve.Supposethegovernmentimposesarentceilingof$300permonth.Inthe

shortruntherewillbe

A)ashortageof500,00()apartments.

B)ashortageof400,000apartments.

C)ashortageof200,000apartments.

D)noshortagenorasurplusofapartments.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

21)Inthefigureabove,thedemandcurveshiftsrightwardfrom£)()toD\sothatD\isthe

relevantdemandcurve.Supposethegovernmentimposesarentceilingof$300permonth.Inthe

shortruntherewillbea

A)adeadweightlosscreated.

B)areductioninrenters*searchactivities.

C)aneliminationofablackmarket.

D)anincreasednumberapartmentsrented.

Answer:A

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

22)Inthefigureabove,thedemandcurveshiftsrightwardfrom£)()toD\sothatD\isthe

relevantdemandcurve.Supposethegovernmentimposesarentceilingof$300permonth.Inthe

shortruntherewillbe

A)ashortageandanincreaseinsearchcosts.

B)ashortageandadecreaseinsearchcosts.

C)asurplusandanincreaseinsearchcosts.

D)asurplusandadecreaseinsearchcosts.

Answer:A

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

23)Inthefigureabove,thedemandcurveshiftsrightwardfromDotoD\sothatD\isthe

relevantdemandcurve.Supposethegovernmentimposesarentceilingof$500permonth.Inthe

shortruntherewillbe

A)asurplusofapartments.

B)ashortageof200,000apartments.

C)ashortageof300,00()apartments.

D)neitherashortagenorasurplusofapartments.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

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Quantity(thousandsofapartmentspermonth)

24)TheabovefigureshowstheapartmentrentalmarketinBigtown.Atwhatrentwilltherebe

neitherashortagenorasurplusofapartments?

A)$1250permonth

B)$1000permonth

C)$750permonth

D)$500permonth

Answer:C

Topic:AHousingMarket

Skill:Recognition

AACSB:AnalyticalSkills

25)TheabovefigureshowstheapartmentrentalmarketinBigtown.Ifseverefloodingresulted

inthedestructionofmanyofthecity'sapartmentbuildings,thenthe

A)supplycurveofapartmentswouldshiftleftwardandrentwouldriseabove$750.00.

B)demandcurveforapartmentswouldshiftrightwardandrentwouldriseabove$750.00.

C)equilibriumquantityofapartmentsrentedwouldincreasebeyond3,000.

D)equilibriummarketpriceofapartmentsrentedwouldfallbelow$750.00.

Answer:A

Topic:TheMarketResponsetoaDecreaseinSupply

Skill:Analytical

AACSB:AnalyticalSkills

26)TheabovefigureshowstheapartmentrentalmarketinBigtown.IftheBigtownHousing

Authorityimposesarentceilingbelow$750permonth,therentceilingwillhelp

A)allrenters.

B)somerentersandhurtotherrenters.

C)alllandlords.

D)somelandlordsandhurtotherlandlords.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

27)TheabovefigureshowstheapartmentrentalmarketinBigtown.IftheBigtownHousing

Authorityimposesarentceilingabove$750permonth,theceilingwill

A)helpallrenters.

B)helpsomerentersandhurtotherrenters.

C)helpalllandlords.

D)havenoeffectatallontheBigtownrentalmarket.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

28)TheabovefigureshowstheapartmentrentalmarketinBigtown.Ifthereisashortageof

200,000apartmentsintheBigtownrentalmarket,itmaybebecausetheBigtownHousing

Authorityhasimposedarent

A)ceilingof$750.00monthly.

B)ceilingof$500.00monthly.

C)floorof$750.00monthly.

D)floorof$500.0()monthly.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

29)TheabovefigureshowstheapartmentrentalmarketinBigtown.Ifthemarketisin

equilibriumandthentheBigtownHousingAuthorityimposesarentceilingof$500per

apartment,whichofthefollowingwouldoccur?

A)adecreaseinthesearchtimeandexpenseoffindinganapartment

B)anincreaseinthesearchtimeandexpenseoffindinganapartment

C)anincreaseinproducersurplusbutadecreaseinconsumersurplus

D)anincreaseinefficiency

Answer:B

Topic:SearchActivity

Skill:Analytical

AACSB:AnalyticalSkills

30)TheabovefigureshowstheapartmentrentalmarketinBigtown.IftheBigtownHousing

Authorityimposesarentceilingof$500perapartment,thedeadweightlosswillbe

A)$1,000,000.

B)$500,000.

C)$250,000.

D)$125,000.

Answer:C

Topic:InefficiencyofRentCeilings

Skill:Analytical

AACSB:AnalyticalSkills

31)Theeffectofarentceilingsetabovetheequilibriumprice

A)ispowerful,eliminatingpriceasaregulatorofquantitysuppliedandquantitydemanded.

B)ispowerful,strengtheningpriceasaregulatorofquantitysuppliedandquantitydemanded.

C)encouragesthedevelopmentofblackmarkets.

D)isessentiallynonexistent.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Conceptual

AACSB:ReflectiveThinking

32)Arentceilingbelowtheequilibriumrentwillencourage

A)amoreefficientallocationofhousing.

B)alargernumberofapartmentsrented.

C)nochangeinthenumberofapartmentsrented.

D)increasedsearchtimeandblackmarkets.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Recognition

AACSB:ReflectiveThinking

33)Arentceilingsetabovetheequilibriumrent

A)restrictsthequantitydemandedbutnotthequantitysupplied.

B)restrictsthequantitysuppliedbutnotthequantitydemanded.

C)restrictsboththequantitydemandedandthequantitysupplied.

D)hasnoeffect.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

34)Arentceilingsetbelowtheequilibriumprice

A)restrictsthequantitydemandedbutnotthequantitysupplied.

B)restrictsthequantitysuppliedbutnotthequantitydemanded.

C)restrictsboththequantitydemandedandthequantitysupplied.

D)hasnoeffect.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

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Quantity(thousandsofapartmentspermonth)

35)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500

permonth.Therentceilingleadstoa

A)shortageof1000apartments.

B)shortageof2000apartments.

C)surplusof1000apartments.

D)surplusof2000叩artments.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

36)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500

permonth,whichcausesashortage.Supposethatapartmentsareanormalgoodandincomesrise.

Theincreaseinincome

A)decreasestheshortage.

B)hasnoeffectontheshortage.

C)increasestheshortage.

D)raisestherent.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

37)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$50()

permonth,whichcausesashortage.Supposethatapartmentsareaninferiorgoodandincomes

rise.Theincreaseinincome

A)decreasestheshortage.

B)hasnoeffectontheshortage.

C)increasestheshortage.

D)raisestherent.

Answer:A

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

38)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500

permonth.Nowsupposethatdemandincreases.Theincreaseindemandresultsinthequantity

supplied

A)increasing.

B)stayingthesame.

C)decreasing.

D)increasing,stayingthesame,ordecreasingdependingonhowmuchdemandincreases.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

39)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500

permonth.Ifthelawisstrictlyenforced,themaximumfbrwhichanapartmentwillrentonthe

blackmarketis

A)lessthan$600permonth.

B)$600permonth.

C)$700permonth.

D)morethan$700permonth.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

40)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$50()

permonth.Thelossofproducersurplusasaresultofthepriceceilingis

A)$50,000permonth.

B)$250,000permonth.

C)$500,000permonth.

D)morethan$500,000permonth.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

41)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500

permonth.Thelossofproducersurplus

A)issmallerthanthegaininconsumersurplus.

B)islargerthanthegaininconsumersurplus.

C)isthesamesizeasthegaininconsumersurplus.

D)couldbesmallerthan,largerthan,orthesamesizeasthegaininconsumersurplus.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

42)Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-run

equilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$50()

permonth.Thedeadweightlossisborneby

A)theproducersonly.

B)theconsumersonly.

C)allproducersandsomeconsumers.

D)allconsumersandsomeproducers.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

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43)ThefigureshowsthemarketforrentalunitsinGladstone.Themarketisinequilibrium.The

governmentnowintroducesarentceilingof$50()amonth.Thepriceofarentalunit

andthenumberofunitsrented.

A)increasesby$500permonth;decreases

B)increasesby$100permonth;increases

C)decreasesby$100permonth;decreases

D)remainsthesame;remainsthesame

Answer:C

Topic:ARegulatedHousingMarket

Skill:Conceptual

AACSB:AnalyticalSkills

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44)ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarent

ceilingissetat$800,howmanyapartmentunitsarerented?

A)2,000

B)3,000

C)4,000

D)Noneoftheaboveanswersiscorrect.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

45)ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarent

ceilingissetat$800,whatistherent?

A)$800

B)$600

C)$400

D)Noneoftheaboveanswersiscorrect.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

46)ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarent

ceilingissetat$800,thereis

A)ashortageof3,000unitsofrentalhousing.

B)ashortageof6,000unitsofrentalhousing.

C)asurplusof3,000unitsofrentalhousing.

D)neitherashortagenorasurplusofrentalhousing.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

47)ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarent

ceilingissetat$400,howmanyapartmentunitsarerented?

A)2,000

B)3,000

C)4,000

D)Noneoftheaboveanswersiscorrect.

Answer:A

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

48)ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarent

ceilingissetat$400,whatistherent?

A)$800

B)$600

C)$400

D)Noneoftheaboveanswersiscorrect.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

49)ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarent

ceilingissetat$400,thereis

A)ashortageof4,000unitsofrentalhousing.

B)ashortageof2,000unitsofrentalhousing.

C)asurplusof3,000unitsofrentalhousing.

D)neitherashortagenorasurplusofrentalhousing.

Answer:B

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:AnalyticalSkills

50)Withrentcontrols,whichofthefollowingismostlikelytooccur?

A)decreasedsearchactivity

B)blackmarketactivity

C)abuildingboom

D)ahousingsurplus

Answer:B

Topic:ARegulatedHousingMarket

Skill:Recognition

AACSB:Communication

51)Arentceilingresultsinashortage.Asaresult,whichofthefollowingdoyouexpect?

A)Theshortagewillpersistaslongastheceilingisineffect.

B)Discriminationaslandlordschoosetheirtenants,possiblybasedonrace,age,orgender.

C)Ablackmarketforapartmentswherebyhigherrentsareobtainedthroughvariousother

charges.

D)Alloftheabovewouldbeexpected.

Answer:D

Topic:ARegulatedHousingMarket

Skill:Analytical

AACSB:Communication

52)Whenarentceilingisimposedinahousingmarket,theopportunitycostofhousingequals

the

A)rent.

B)marketequilibriumrentthatwouldprevailintheabsenceofarentceiling.

C)valueofthetimeandresourcesspentsearchingplustherent.

D)consumersurplus.

Answer:C

Topic:ARegulatedHousingMarket

Skill:Conceptual

AACSB:ReflectiveThinking

53)isanillegalactivitybetweenbuyersandsellerssometimesusedtoevadeaprice

ceiling.

A)Increasedsearchactivity

B)Apricefloor

C)Creatingashortage

D)Ablackmarket

Answer:D

Topic:BlackMarkets

Skill:Conceptual

AACSB:ReflectiveThinking

54)Arentceilingresultsinashortage.Asaresult,whichofthefollowingdoyouexpect?

A)Ashortageofapplicantsfortheapartmentsavailable.

B)Discriminationastenantschoosetheirlandlords,possiblybasedonrace,age,orgender.

C)Ablackmarketforapartmentswherebyhigherrentsareobtainedthroughvariousother

charges.

D)Inthelong-run,moreandmorepeoplewillwanttobecomelandlords.

Answer:C

Topic:BlackMarkets

Skill:Analytical

AACSB:ReflectiveThinking

55)Whichofthefollowingisaresultofaneffectiverentceiling?

I.equityinthehousingmarket

II.efficientallocationofresources

III.ashortageofhousingunits.

A)IandII

B)IandIII

C)IIonly

D)IIIonly

Answer:D

Topic:InefficiencyofRentCeilings

Skill:Conceptual

AACSB:EthicalReasoning

56)Arentceilingcreatesashortage.Asaresult,whichofthefollowingoccurs?

A)onlyalossofconsumersurplusfortenants

B)onlyalossofproducersurplusforlandlords

C)alossofbothconsumerandproducersurplus

D)againofbothconsumerandproducersurplus

Answer:C

Topic:InefficiencyofRentCeilings

Skill:Analytical

AACSB:AnalyticalSkills

57)Arentceilingcreatesashortage.Asaresult,thereis

A)anefficientallocationofhousing.

B)asurplusofhousing.

C)anincreaseintheproducersurplusinthehousingmarket.

D)adecreaseintheproducersurplusinthehousingmarket.

Answer:D

Topic:InefficiencyofRentCeilings

Skill:Analytical

AACSB:AnalyticalSkills

58)Arentceilingcreatesashortage.Asaresult,thereisadeadweightloss

A)fromonlylostconsumersurplus.

B)fromonlylostproducersurplus.

C)frombothlostconsumerandproducersurplus.

D)thatexactlyoffsetsthegainsinconsumerandproducersurplus.

Answer:C

Topic:InefficiencyofRentCeilings

Skill:Analytical

AACSB:AnalyticalSkills

59)Whichofthefollowingisaneconomicpolicythatpromotestheefficientquantityof

apartments?

A)arentfloorabovetheequilibriumrent

B)arentceilingbelowtheequilibriumrent

C)asalestaximposedonrentinganapartment

D)noneoftheabove

Answer:D

Topic:ARegulatedHousingMarket

Skill:Conceptual

AACSB:AnalyticalSkills

60)Arentceilingresultsinashortageofapartments.Asaresult,thereis

A)onlyalossofconsumersurplusfortenants.

B)onlyalossofproducersurplusforlandlords.

C)alossofbothconsumerandproducersurplus.

D)againofbothconsumerandproducersurplus.

Answer:C

Topic:InefficiencyofRentCeilings

Skill:Conceptual

AACSB:AnalyticalSkills

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