Exam 7: Government Actions in Markets

Import restriction in advanced economies deny developing economies access to the food market of the advanced economies.The result is ________ price and ________ farm production in the developing economies.

-The above figure shows the market for DVDs.The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs.After this price ceiling is in effect and taking account of the resources lost in search,consumer surplus equals ________.

The figure above shows the market for sugar beets. The government intervenes in this market and sets a support price at $35 a ton. -The figure above shows that the deadweight loss from the government's policy is

-The table above gives the demand and supply schedules for the housing market in a small town.If a rent ceiling of $600 a month is imposed,what is the quantity demanded,the quantity supplied,and the shortage of housing?

The people who immediately benefit from a minimum wage are

-The above figure shows a labor market with minimum wage equal to $16.In this figure,what area equals the resources lost because of job search?

The figure above shows supply and demand in the market for labor. The government introduces a minimum wage of $7 per hour. -The figure above shows that the value of the resources used in job-search activity can be as large as ________ per hour.

To be effective in raising people's wages,a minimum wage must be set