QUESTION 21 Apartment rent control in New York City is an example of a, a subsid

Question

QUESTION 21 Apartment rent control in New York City is an example of a, a subsidy for landlords o b a binding price ceiling o c. a black market. d. a nonbinding price floor. O e. government intervention to ensure a market equilibrium is reached QUESTION 22 A restaurant owner just found out that his pizza bistro is losing money What is one possible explanation for this loss? a. The revenue isnt being minimized. b The costs and the revenue aren't both being minimized. O c. The revenue isn't being maximized d. The costs aren't being maximized o e. The costs and the revenue aren't both being maximized QUESTION 23 An increase in general resources that affects the production of both goods on a production possibilities frontier (PPF) would cause an O a. outward shift of the PPF O b outward rotation along the y axis. c, inward shift of the PPF d increase in opportunity cost. a) e, outward rotation along the xaos QUESTION 24 An income inequality ratio of 10.0 means that a individuals in the top fith of the economy earn 10 times as much as those in the lowest income b individuals in the top fith of the economy earm 10 times as much as those in the second-highest income group c each income quintile in an economy eans 10 percent more than the immediately lower quintle d, individuals in the top fifth of the economy earn 10 times as much as those in the other four income groups e the income in an economy is 10 times that of other comparable economies

Explanation / Answer

21 Answer is option, because price controls are examples of binding price ceiling.

22 Answer is option C, because revenue is one to one related to profit. So losing money implies profit is not maximized. That is same as saying revenue is not maximized.

23. Answer is option a, because increase in production of goods shift PPF outward.

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