1) When a price ceiling is in effect: A. suppliers compete for customers by inefficiently raising...
1) When a price ceiling is in effect:
| A. |
suppliers compete for customers by inefficiently raising quality levels. |
|
| B. |
demanders compete for goods in short supply by accepting reductions in quality. |
|
| C. |
there is no competition for goods. |
|
| D. |
suppliers have an incentive to provide really good customer service. |
2) The BEST way to help the poor afford housing is by:
| A. |
using rent control. |
|
| B. |
raising the minimum wage. |
|
| C. |
raising payroll taxes. |
|
| D. |
issuing housing vouchers. |
3) Which of the following statements is TRUE?
| A. |
Only a high-wage country can benefit by trading with a low-wage country. |
|
| B. |
Trade raises the wages of workers in low- and high-wage countries. |
|
| C. |
There is an inverse relationship between productivity and wages. |
|
| D. |
A high-wage country cannot benefit by trading with a low-wage country. |
4) Which of the following is typically a result of the division of knowledge?
| A. |
No one specializes in any activity. |
|
| B. |
Labor productivity is higher. |
|
| C. |
The society runs with the knowledge of a few persons. |
|
| D. |
Each person has the same knowledge as everyone else. |
Homework Answers
1) :- B is right option demanders compete for goods in short supply by accepting reductions in quality.
•Price ceiling is legal maximum price which is used by sellers to sell it goods to customers.
• Price ceiling comes in effect when quantity demanded will be greater than the supply which lead to shortages of goods in market.
2) :--A is right option,using rent control .
•Pricing ceiling used rent control which main goal is to help poor by making housing more affordable.
3) :--D is right option.
This is so true that higher wages country can't not benefited trade with low wages countries because low wages worker would produce more good more cheaply with intention to derive out richer countries firm production our of business.
4) :--B is right ooption.
•Division of knowledge is quality which is rise with increment in specialization and trade because economy growth is based on new knowledge.
• Labor productivity is calculated by dividing total output by quantity of labor employed to produce it .
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