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Home  arrow Chapter 7  arrow Checkpoint 7.1

Checkpoint 7.1



This activity contains 30 questions.

Question 1.
A price ceiling ____________.

 
End of Question 1


Question 2.
A _______________ is a government regulation that makes it illegal to charge more than a specified rent for housing.

 
End of Question 2


Question 3.
A rent ceiling ____________.

 
End of Question 3


Question 4.
A rent ceiling that is effective results in ____________.

 
End of Question 4


Question 5.
An illegal market that operates alongside a government-regulated market is _____________.

 
End of Question 5


Question 6.
_____________ is the time spent looking for someone with whom to do business.

 
End of Question 6


Question 7.
Search activity ____________.

 
End of Question 7


Question 8.
When a housing market has an effective rent ceiling, _____________.

 
End of Question 8


Question 9.
Rent ceilings _____________.

 
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Question 10.
The size of the loss from a rent ceiling depends on the ______________.

 
End of Question 10


Question 11.
An effective price ceiling on a good or service ____________.

 
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Question 12.

Arlene wants to rent an apartment. Although rents are below what she is willing to pay, she cannot find an apartment. Then after a month of searching, she finds an apartment but she has to pay an additional $1,000 to have the locks changed. Arlene has just experienced the effects of ___________________.
 
End of Question 12


Question 13.
The government imposes a price ceiling on staplers. When the quantity demanded of staplers exceeds the quantity supplied, _____________.

 
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Question 14.
The figure shows the market for rental units in Gladstone. When the market is in equilibrium, the price of a rental unit is ________ and the number of units rented is _______ a month.


mic07001.gif

 
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Question 15.

The figure shows the market for rental units in Gladstone. The market is in equilibrium. The government now introduces a rent ceiling of $500 a month. The price of a rental unit ________ and the number of units rented _______.


mic07002.gif
 
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Question 16.
The figure shows the market for rental units in Gladstone. Choose the correct statement.


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Question 17.
The figure shows the market for rental units in Gladstone. Choose the correct statement.


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End of Question 17


Question 18.
In a housing market with a rent ceiling, the opportunity cost of housing is equal to ____________.

 
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Question 19.
The loss in a housing market with an effective rent ceiling is borne by _____________.

 
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Question 20.
The more ____________ the supply of housing or the demand for housing, the _____________ is the shortage of housing, and the ___________ is the deadweight loss.

 
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Question 21.
The figure shows the rental market for housing in Calgary. If a rigorously enforced price ceiling is set at $700 a month, then ____________ units will be rented at a price of _________ a month.


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Question 22.
The figure shows the rental market for housing in Calgary. If a price ceiling is set at $700 a month, then the black market rent _________ a month.


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Question 23.
The figure shows the rental market for housing in Calgary. If a price ceiling is set at $700 a month, the deadweight loss ____________.


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Question 24.
The figure shows the rental market for housing in Calgary. If a price ceiling is set at $900 a month, the deadweight loss ____________.


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Question 25.
The table shows the market for paper. When the market is in equilibrium, consumer surplus is ____________ and producer surplus is ____________.


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Question 26.
The table shows the market for paper. If the government sets a price ceiling of $25 a box, a _____________ boxes exists.


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Question 27.
The table shows the market for paper. If the government sets a price ceiling of $35 a box, ____________.


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Question 28.
The table shows the market for paper. If the government sets a price ceiling of $25 a box, the deadweight loss is ____________.


mic07012.gif

 
End of Question 28


Question 29.
The table shows the market for paper. If the government sets a price ceiling of $35 a box, the deadweight loss is ____________.


mic07013.gif

 
End of Question 29


Question 30.
Rent ceilings___________.

 
End of Question 30





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