EC 201 Practice_Final Quiz 3

EC 201 Practice_Final Quiz 3 - Title: Module 3 Quiz -...

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Title: Started: April 15, 2010 7:48 PM Submitted: April 15, 2010 8:33 PM Time spent: 00:45:01 Total score: 6/10 = 60% Total score adjusted by 0.0 Maximum possible score: 10 1. Rent controls in New York City cause all of the following except : Student Response Value Correct Answer A. inefficiently low quality. B. wasted resources resulting from the opportunity cost of time associated with trying to find an apartment. C. black markets. D. an increase in the quantity supplied of rent-controlled apartments. 100% Score: 1/1 2. Figure: Supply and Demand Reference: Ref 4-2 (Figure: Supply and Demand) In the market shown in this figure, a price ceiling of P 3 causes:
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1/1 3. Figure: Market for Clams Reference: Ref 4-3 (Figure: Market for Clams) In this figure, the government wants to limit sales of clams to 1000 lbs. A quota or an excise tax may achieve this. If an excise tax is imposed on sellers, then the amount of the tax will be _______ and the total tax revenue generated will be ________. Score:
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EC 201 Practice_Final Quiz 3 - Title: Module 3 Quiz -...

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