19. __ ensures that resources are allocated to their highest-valued uses. A. The

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19. __ ensures that resources are allocated to their highest-valued uses. A. The consumer B. Competition C. Monopoly D. Arbitrage E. Government
20. If the government wanted to aid a particular industry, it might impose a(n) ____ for their products. A. Quantity ceiling B. Price floor C. Equilibrium pricing D. Quantity floor E. Price ceiling
26. Rent control results in a(n) A. Increase in the quality of apartments B. Increase in the number of apartments C. Shortage of apartments D. Reduction in the number of people willing and able to rent apartments E. Surplus of apartments
27. In a response to an increase in demand for low-carb food, producers would A. Increase supply of low carb food B. Advertise low fat food to shift consumer preferences. C. Reduce resources in order to conserve carbohydrates. D. Decrease supply of low carb food E. Increase the quantity supplied
30. The reason students receive discounts to their athletic events is A. They are too busy studying economics and have to be offered a "good deal". B. Their demand is more elastic than the general public C. The student section is not premium seating D. They pay for athletic events through mandated fees E. Their demand is less elastic than the general public
34. Price elasticity of demand shows A. The extent to which a demand schedule changes in response to changes in consumer income and taste B. Shifts in demand in response to changes in consumer preferences C. The degree of consumer sensitivity to price changes D. That consumers are usually indifferent to changes in price. E. That income is a function of demand
19. __ ensures that resources are allocated to their highest-valued uses. A. The consumer B. Competition C. Monopoly D. Arbitrage E. Government
20. If the government wanted to aid a particular industry, it might impose a(n) ____ for their products. A. Quantity ceiling B. Price floor C. Equilibrium pricing D. Quantity floor E. Price ceiling
26. Rent control results in a(n) A. Increase in the quality of apartments B. Increase in the number of apartments C. Shortage of apartments D. Reduction in the number of people willing and able to rent apartments E. Surplus of apartments
27. In a response to an increase in demand for low-carb food, producers would A. Increase supply of low carb food B. Advertise low fat food to shift consumer preferences. C. Reduce resources in order to conserve carbohydrates. D. Decrease supply of low carb food E. Increase the quantity supplied
30. The reason students receive discounts to their athletic events is A. They are too busy studying economics and have to be offered a "good deal". B. Their demand is more elastic than the general public C. The student section is not premium seating D. They pay for athletic events through mandated fees E. Their demand is less elastic than the general public
34. Price elasticity of demand shows A. The extent to which a demand schedule changes in response to changes in consumer income and taste B. Shifts in demand in response to changes in consumer preferences C. The degree of consumer sensitivity to price changes D. That consumers are usually indifferent to changes in price. E. That income is a function of demand
A. The consumer B. Competition C. Monopoly D. Arbitrage E. Government
20. If the government wanted to aid a particular industry, it might impose a(n) ____ for their products. A. Quantity ceiling B. Price floor C. Equilibrium pricing D. Quantity floor E. Price ceiling
26. Rent control results in a(n) A. Increase in the quality of apartments B. Increase in the number of apartments C. Shortage of apartments D. Reduction in the number of people willing and able to rent apartments E. Surplus of apartments
27. In a response to an increase in demand for low-carb food, producers would A. Increase supply of low carb food B. Advertise low fat food to shift consumer preferences. C. Reduce resources in order to conserve carbohydrates. D. Decrease supply of low carb food E. Increase the quantity supplied
30. The reason students receive discounts to their athletic events is A. They are too busy studying economics and have to be offered a "good deal". B. Their demand is more elastic than the general public C. The student section is not premium seating D. They pay for athletic events through mandated fees E. Their demand is less elastic than the general public
34. Price elasticity of demand shows A. The extent to which a demand schedule changes in response to changes in consumer income and taste B. Shifts in demand in response to changes in consumer preferences C. The degree of consumer sensitivity to price changes D. That consumers are usually indifferent to changes in price. E. That income is a function of demand

Explanation / Answer

19. E

20. E

26. C

27 A

30 C

34 C

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