Question : 84) Congress passed the Freedom to Farm Act in 1996. : 1387460

 

 

84) Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act?

A) to encourage more people to become farmers

B) to grant free land to farmers in order to produce crops that were particularly scarce

C) to phase out the use of price ceilings in agricultural markets

D) to phase out price floors and return to a free market in agriculture

 

85) Because minimum wage is a price floor,

A) it will be set below the market equilibrium price.

B) it will create a deadweight loss.

C) it will increase the number of jobs available in the labor market.

D) it will maximize consumer surplus.

 

 

86) Increases in the minimum wage are intended to raise the incomes of low-income workers. Many economists favor a different policy to achieve this goal, a policy that avoids the deadweight losses that result from the minimum wage. What is this policy?

A) distribution of food stamps to low-income consumers

B) distribution of vouchers that can be used for rent or mortgage payments

C) the Alternative Minimum Tax

D) the earned income tax credit

 

 

87) Which of the follow is a result of imposing a rent ceiling?

A) Some consumer surplus is converted to producer surplus.

B) There is an increase in the quantity of apartments supplied.

C) There is an increase in the quantity of apartments demanded.

D) The marginal benefit of the last apartment rented is less than the marginal cost of supplying it.

 

88) Which of the following describes the difference between “scarcity” and “shortage”?

A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.

B) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.

C) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.

D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.

 

 

89) In cities with rent controls, the actual rents paid can be ________ than the legal maximum. One explanation for this is because there is a ________ of apartments, tenants are ________.

A) higher; shortage; often willing to pay rents higher than the law allows

B) higher; surplus; often forced to pay rents higher than the law allows

C) lower; surplus; never willing to pay rents below the legal maximum

D) lower; shortage; rarely willing to pay rents lower than the law allows

 

 

90) Which of the following is a result of government price controls?

A) Some people win and some people lose.

B) Price controls benefit poor consumers but harm producers and wealthy consumers.

C) Price controls increase economic efficiency.

D) The deadweight loss from price ceilings is greater than the deadweight loss from price floors.

 

91) Economists ________ that price controls are desirable.

A) are in agreement

B) are reluctant to state

C) never believe

D) only recently agree

 

 

92) If the government implements a price ceiling on insulin, this will

A) increase the price consumers will pay for insulin.

B) decrease the quantity of insulin the manufacturers will be willing to supply.

C) have to be set above the market equilibrium price to be effective.

D) encourage manufacturers to produce and sell more of insulin to increase their profits.

 

 

93) If the government implements a price ceiling on insulin, this will have all of the following effects on the market for insulin except

A) an increase in consumer surplus.

B) an increase in producer surplus.

C) an increase in deadweight loss.

D) a more efficient equilibrium.

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more