Question 7 Not yet answered Marked out of 1.000 \\V Flag question Question 8 Not yet answered Marked out of 1.000 \\V Flag question Question 9 Not yet answered Marked out of 1.000 \\'7 Flag question 6 moodle.u|eth.ca Apple Google SearchlPerlego H 101? "1 Fall 2 3 U E3(pagerf17) UofL Time left 2:21:42 Suppose the cost of breaking the law is imposed on the buyers of an illegal good, This action will have its biggest impact on quantity if the demand for the good is inelastic or the supply is inelastic. elastic or the supply is elastic. elastic or the supply is inelastic. inelastic or the supply is elastic. perfectly inelastic. Why are policymakers led to control prices? @9957! They view the market's outcome as inefficient They view the market's outcome as inequitable. All politicians enjoy exercising their power. They are required to do so under the Employment Act of 1946. None of the above. Which of the following is NOT a function of prices in a market system? shrines Prices have the crucial role of balancing supply and demand. Prices send signals to buyers and sellers to help them make rational economic decisions. Prices coordinate economic activity. Prices make an equitable distribution of goods and services among consumers possible. None of the above, Ch 06 - Matching Defini tion 1'2 '3 l\" '5' 6' Ch 06 - Multipl El 16 17 21 22 UUU Ch 06 - Application Ch 07 Deani 26 27 - Matching tion Ch 07 32 , - Multiple Choice Ch 07 - Fill in the Blanks 35' 36 '37 '38\"39\"40\"41' 42\"43' AA A: M: G moodle.u|eth.ca Apple Google SearchlPerlego U E3 (page A of 17) UofL Not yet T' I ft 2 21 40 d ime e : : . . answere a. They view the market's outcome as inefficient. Ch 06 ' Application Marked out of . , . . 21 1.000 b. They View the market s outcome as inequitable. \\V Flag (3. All politicians enjoy exercising their power. question d. They are required to do so under the Employment Act of 1946, . Ch 07 - Matching e. None of the above. . Defi on 26 28 29 30 Ques'im' 9 Which of the following is NOT a function of prices in a market system? Not yet answered Ch 07 ' Multiple Choice a. Prices have the crucial role of balancing supply and demand. Marked out of . _ . . . ' 3'1 32 33 34 1000 b. Prices send Signals to buyers and sellers to help them make rational economic deCIsions. \\V Flag c. Prices coordinate economic activity. question d. Prices make an equitable distribution of goods and services among consumers possible. Ch 07 _ Fill in the Blanks e. Noneoftheabove. 35' 36 '37 '38 '39\"40\"41\"42\"43' 44 45 46 Question10 7 Which of the following is the most likely result of the imposition of a price floor in the market for rental cars? Not yet Finish attempt answered ' , y , a. free gasoline given to people as an incentive to rent a car Marked out of , _ _ 1000 b. poor engine maintenance in rental cars \\V Flag c. an accumulation of dirt in the interior of rental cars question d. slow replacement of old rental cars with new ones e. None of the above. Previous page Next page v moodle.uleth. C + Apple Google Search | Perlego U ECON-1010-N-Fall 2023: E3 U E3 (page 5 of 17) Course Hero UofL Question 11 What do we know about price controls imposed by policymakers? Time left 2:21:34 Not yet answered Ch 06 - Matching O a. They often hurt those they are trying to help. Marked out of Definition 1.000 b. They are designed to provide more stability in the market. Flag O c. They allow the market to equate quantity demanded and quantity supplied. 1 2 3 4 5 6 question O d. They may improve market efficiency but may also cause greater inequity. O e. None of the above. Ch 06 - Multiple Choice 7 8 9 10 ZL LL 13 14 15 Question 12 Which of the following is NOT a mechanism of rationing used by landlords in cities with rent control? 16 17 18 19 20 Not yet answered O a. waiting lists Marked out of Ch 06 - Application 1.000 O b. race O c. price 21 22 23 24 25 Flag question O d. bribes O e. None of the above. Ch 07 - Matching Definition 26 27 28 29 30 Question 13 Under rent control, what can tenants expect? Not yet answered O a. lower rent and higher quality housing Marked out of Ch 07 - Multiple Choice 1.000 b. lower rent and lower quality housing 31 32 33 34 Flag O c. higher rent and higher quality housing question d. higher rent and lower quality housing O e. None of the above. Ch 07 - Fill in the 35 36 37 38 39 40 41 42 43 44 46 Question 14 45 Consider a market for an illegal good. If the government imposes the cost of breaking the law on the buyer of the good, thenG moodle.uleth.ca Apple Google SearchlPerlego a wered Marked out of 'l.000 \\V Flag question Question 1 3 Not yet answered Marked out of 1.000 \\V Flag question Question 14 Not yet answered Marked out of 1.000 \\V Flag question Previous page '1 'lL'ilT 'i t .i' U E3(pagesuf'l7) UofL a waiting lists b. race c. price cl. bribes e. None of the above, Under rent control, what can tenants expect? 512519.69: lower rent and higher quality housing lower rent and lower quality housing higher rent and higher quality housing higher rent and lower quality housing None of the above. Time left 2:21:31 Consider a market for an illegal good If the government imposes the cost of breaking the law on the buyer of the good, then price will be asleep: higher and quantity lower compared to imposing the same cost on the seller. higher and quantity higher compared to imposing the same cost on the seller. lower and quantity lower compared to imposing the same cost on the seller, lower and quantity the same compared to imposing the same cost on the seller. higher and quantity the same compared to imposing the same cost on the seller. Next page Ch 06 - Application 21 Ch 07 - Matching Defi 3i (III Ch 07 - Multiple Choice 31' 32 '33 '34 Ch 07 - Fill in the Blanks 35' 36 '37 '38 '39\"40\"41\"42\"43' 44 45 46 Finish attempt v moodle.uleth. C + Apple Google Search | Perlego U ECON-1010-N-Fall 2023: E3 U E3 (page 6 of 17) Course Hero UofL Time left 2:21:27 Question 15 What effect will a tax of $0.10 per bar on sellers of a specific chocolate bar have? Not yet answered Ch 06 - Matching O a. The supply curve of that chocolate bar will shift down by $0.10. Marked out of Definition 1.000 O b. The supply curve of that chocolate bar will shift up by $0.10. 6 Flag O c. The demand curve of that chocolate bar will shift down by $0.10. 1 2 3 4 5 question O d. The demand curve of that chocolate bar will shift up by $0.10. O e. None of the above. Ch 06 - Multiple Choice 7 8 9 10 11 12 13 14 15 Question 16 An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand 16 17 18 19 20 Not yet and upward sloping supply would raise the equilibrium price answered Marked out of O a. exactly $1.00 per gallon. Ch 06 - Application 1.000 b. by less than $1.00 per gallon. 21 22 23 24 25 Flag question O c. by more than $1.00 per gallon. O d. too little information to determine the impact on the equilibrium price. O e. None of the above. Ch 07 - Matching Definition 26 27 28 29 30 Question 17 Suppose the equilibrium wage is $10 an hour. A minimum wage is a price that will change the quantity of Not yet employment if it is set at an hour. answered Ch 07 - Multiple Marked out of 31 32 33 34 E O a. floor; $12 1.000 O b. ceiling; $12 Flag question O c. floor; $8 Ch 07 - Fill in the Blanks O d. ceiling; $8 35 36 37 38 39 40 41 42 43 O e. floor; $10 44 45 46v moodle.uleth. C + Apple Google Search | Perlego U ECON-1010-N-Fall 2023: E3 U E3 (page 7 of 17) Course Hero UofL Question 18 A 3 cents per-unit tax on bread leads to no change in the quantity bought and sold. The tax is paid Time left 2:21:20 Not yet answered Ch 06 - Matching a. completely by the sellers. Marked out of 1.000 b. completely by the buyers. Definition Flag c. equally by the buyers and sellers. 1 2 3 4 5 question d. mostly but NOT completely by the buyers. O e. completely by either the sellers or the buyers; we cannot tell without more information. Ch 06 - Multiple Choice 8 9 10 11 12 13 14 Question 19 Suppose a minimum wage of $4 an hour is in force, resulting in unemployment of 10 million hours. Then the demand for labour 16 17 18 19 20 Not yet increases such that supply and demand curves intersect at a wage rate of $5 per hour. What will happen to the equilibrium answered wage rate and employment? Marked out of Ch 06 - Application 1.000 O a. The wage rate is $5 an hour and there will be no unemployment. 21 22 23 24 25 Flag question b. The wage rate is $5 an hour and there will be a surplus of labour. O c. The wage rate is $4 an hour and there will be a surplus of labour. O d. The wage rate is $4 an hour and there will be no unemployment. Ch 07 - Matching O e. The wage rate is $4 an hour and there will be unemployment. Definition 26 27 28 29 30 Question 20 Assume that the demand and supply curves for cars are elastic. If the government imposes a $500 tax on the buyer of each Not yet car, what can we assume will happen to the price of a car? Ch 07 - Multiple Choice answered 31 32 34 Marked out of O a. The equilibrium price of a car will decrease by less than $500. 1.000 b. The equilibrium price of a car will decrease by exactly $500. Flag Ch 07 - Fill in the Blanks question c. The equilibrium price of a car will decrease by more than $500. 35 36 37 38 39 40 41 42 43 O d. The equilibrium price of a car will NOT change since both curves are elastic. O e. None of the above. 44 45 46