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Mr. Gregory White, Master's Degree
Category: Multiple Problems
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Experience:  M.A., M.S. Education / Educational Administration
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# 1. If the price of automobiles were to increase, then (Points

### Customer Question

1. If the price of automobiles were to increase, then (Points : 1)
the demand for gasoline would decrease.
the demand for gasoline would increase.
the supply of gasoline would increase.
the quantity demanded of gasoline would decrease.

2. In 2002 Apple decided not to develop and sell a "tablet PC" - a laptop with a special screen that can convert handwriting into text. Which of the following is one reason why Apple chose not to develop a tablet PC? (Points : 1)
The technology was considered to complex for the average computer user.
Apple would not be able to produce enough tablet PC units to meet the demand for them.
The price of the tablet PC would have been too high to sell many units.
Microsoft had a patent on the technology used to make tablet PCs and was not willing to sell the rights to this technology to Apple.

3.
Figure 3-6

Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples how will the equilibrium point change? (Points : 1)
The equilibrium point will move from A to B.
The equilibrium point will move from A to C.
There will be no change in the equilibrium point.
The equilibrium point will move from A to E.

4. George Gnat subscribes to a monthly pest control service for his home. Last week the owner of the service informed George that he will have to raise his monthly service fee because of increases in the price of gasoline used by his workers on their service trips. How is the market for pest control services affected by this? (Points : 1)
There is an increase in the supply of pest control services.
There is a decrease in the demand for pest control services.
There is a decrease in the quantity supplied of pest control services.
There is a decrease in the supply of pest control services.

5. Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? (Points : 1)
An increase in consumer income.
A drought that sharply reduces barley output.
A decrease in consumer income.
Unusually good weather that results in a bumper crop of barley.

6.
Figure 4-6

Figure 4-6 shows the market for apartments in Bay City. Recently, the government imposed a rent ceiling at R0.

Refer to Figure 4-6. What is the area that represents the producer surplus after the imposition of the ceiling? (Points : 1)
F + G
F
D + F + G
A + B + D + F + G

7. In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is (Points : 1)
rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is.
landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others.
because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows.
the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.

8. In 2004 New York City mayor Michael Bloomberg made a proposal concerning rent control in his city. What was Mayor Bloomberg's proposal? (Points : 1)
He proposed that rent control be abolished over a 20 year period.
He proposed that rent control be extended to all New York City apartments over a 20 year period.
He proposed that rent control be maintained on apartments that had been scheduled to be free from rent control.
He proposed that rents be increased by 50 percent on all apartments subject to rent control.

9.
Table 4-2

Refer to Table 4-2. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from \$15 to \$20 (Points : 1)
consumers will buy no polo shirts.
the marginal cost of producing the third polo shirt will increase to \$20.
producer surplus will rise from \$13 to \$28.
there will be a surplus of polo shirts.

10. Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act? (Points : 1)
To encourage more people to become farmers.
To grant free land to farmers in order to produce crops that were particularly scarce.
To phase out the use of price ceilings in agricultural markets.
To phase out price floors and return to a free market in agriculture.
Submitted: 5 years ago.
Category: Multiple Problems
Expert:  Mr. Gregory White replied 5 years ago.

Thanks for requesting me....

Working on these now and will have to you in a short bit.

Customer: replied 5 years ago.
ok thank you!
Expert:  Mr. Gregory White replied 5 years ago.

1. the demand for gasoline would decrease

2. The price of the tablet PC would have been too high to sell many units.

3. Do not see a figure - can you upload it?

4. There is a decrease in the supply of pest control services.

5. A decrease in consumer income.

6. F

7. the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.

8. He proposed that rent control be extended to all New York City apartments over a 20 year period.

9. The table is not visible...

10. To phase out price floors and return to a free market in agriculture.

Customer: replied 5 years ago.

Attachment: 2012-02-14_021605_images_for_questions.docx

The images are in order.

Expert:  Mr. Gregory White replied 5 years ago.

3. The equilibrium point will move from A to E.

9. there will be a surplus of polo shirts.

Customer: replied 5 years ago.
There are only 4 out of ten that are right. I'm not sure which ones though
Customer: replied 5 years ago.