Question 1 (1 point) Which of the following events could cause the market for ap

Question

Question 1 (1 point)

Which of the following events could cause the market for apartment rentals to change as shown above?

Question 1 options:

The government imposes a new property tax.

Reduced crime and better public transportation attract new residents to the city.

A large factory in the area closes, putting many residents out of work.

Building maintenance costs rise.

Question 2 (1 point)

Prior to the increase in demand, the government imposes a price ceiling to keep the price of apartments at $600 per month. When demand increases from D1 to D2,

Question 2 options:

a shortage of apartments will develop.

landlords will not be able to rent all their apartments.

contractors will build new apartment complexes.

the opportunity cost of locating an apartment will fall to zero.

Question 3 (1 point)

Which of the following is not a common effect of imposing a rent control?

Question 3 options:

A) Discriminatory practices by landlords.

B) More time on waiting lists and searching for housing.

C) A "black market" for rentals.

D) An excess supply of rentals at the controlled price.

Question 4 (1 point)

Studies show that margarine is an inferior good. If households' incomes rise, then there will be

Question 4 options:

A) higher prices for margarine.

B) greater demand for margarine.

C) more companies making margarine.

D) fewer people buying margarine.

Question 5 (1 point)

Which of the following is the best description of the effects of a decrease in the supply of bread?

Question 5 options:

A) Consumers will pay more for bread.

B) Bread prices will fall, and bread sales will rise.

C) A permanent shortage of bread will remain on the market.

D) Some bakeries will be forced out of business.

Question 6 (1 point)

If the minimum wage is increased, then

Question 6 options:

A) the unemployment rate among unskilled workers will fall.

B) all families will benefit from higher incomes.

C) employers will tend to replace unskilled workers with machines and skilled workers.

D) firms will continue to hire the same number of unskilled workders.

Question 7 (1 point)

Which of the following is not a common result of noncompetitive behavior?

Question 7 options:

A) Higher prices.

B) Reduced quantity.

C) Collusion among firms.

D) Greater efficiency.

Question 8 (1 point)

Excessive air-traffic noise in the neighborhoods surrounding an airport's flight path is an example of

Question 8 options:

A) a negative externality.

B) a public good.

C) a black market.

D) a shortage.

Question 9 (1 point)

External benefits cause a market to

Question 9 options:

A) underallocate resources

B) be more efficient.

C) set excessively high prices.

D) have persistent shortages.

Question 10 (1 point)

People who enjoy the benefits of a public good without paying for them are called

Question 10 options:

A) spillover parties.

B) external consumers.

C) free riders.

D) antitrust violators.

A)

The government imposes a new property tax.

B)

Reduced crime and better public transportation attract new residents to the city.

C)

A large factory in the area closes, putting many residents out of work.

D)

Building maintenance costs rise.

Explanation / Answer

First question is answered below

1.

Correct option: (b)

Reason: Reduced crime rates will attract more residents to the area, thereby increasing demand for apartments, shifting the demsnd curve of apartments to the right and thus increasing their prices.

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