The National Low Income Housing Coalition tracks the availability of housing for extremely low income individuals (households with incomes below the poverty line). What is the current estimated shortage of affordable and available rental units in the US? 15.1 million 5.1 million 2.7 million 7.4 million

The National Low Income Housing Coalition tracks the availability of housing for extremely low income individuals (households with incomes below the poverty line). What is the current estimated shortage of affordable and available rental units in the US? 15.1 million 5.1 million 2.7 million 7.4 million

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 13SQ

See similar textbooks

Similar questions

California LifeLine provides discounted home phone and cell phone service to qualified households. The service discount cannot exceed $39 per household. What would happen if the state of California were to increase the subsidy to $59 per household? Group of answer choices Supply would shift to the left Government payments to households would decrease The price consumers pay increases and the quantity consumed increases The price consumers pay falls and the quantity consumed increases
True or False and explain why. A city that is facing a shortage of teachers announces a plan to provide housing subsidies for its teachers. These subsidies will reduce the cost of living in the city for several hundred teachers. This program will result in an increase in the employment of teachers in the city.
A dental visit for preventative care is an elective but valuable service. Assume a competitive market and use the supply and demand framework to analyze the following situation. Suppose that there is a technological breakthrough that allows for dental cleanings and preventative care to be supplied more quickly and easily. What will happen to the equilibrium price and quantity of dental visits?
Basic demand and supply analysis
When the minimum wage is set above the equilibrium market wage, there will be an excess demand for labor at the minimum wage. it will have no effect on the quantity of labor employed. there will be an excess supply of labor at the minimum wage. the quality of the labor force will rise.
If the minimum wage is set A. equal to the equilibrium wage, it will create a shortage of labor. B. equal to the equilibrium wage, it will create a surplus of labor. C. below the equilibrium wage, it will create unemployment. D. below the equilibrium wage, it will create a shortage of labor. E. above the equilibrium wage, it will create unemployment.
A price ceiling will result in a shortage only if the ceiling price is _______________ the equilibrium price. a. Less than. b. Equal to. c. Greater than. d. Faster than.
Assume that the government of the state of New Jersey has determined that a large number of injuries and deaths have occurred as a result of accidents involving the installation and repairs of electrical equipment at private residences. In reaction to this problem the state assembly decides to pass a law which requires that all certified electricians pass a tougher state licensing examination. Analyze the impact that this law is likely to have on the market for electricians and explain why safety may not necessarily improve. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain. Several cities across the United States have passed legislation to raise the living wage. How would this policy affect firms? Make an argument for or against living wages in your city. Be sure to cite your references. (Note: the living wage calculator is a useful tool to determine the cost of living where you live).
The Supplemental Nutrition Assistance (formerly called food stamps): a. is likely to increase both food and nonfood purchases by recipients. b. is likely to increase food purchases by recipients but not other purchases. c. reduces the market price of food to those eligible for Supplemental Nutrition Assistance. d. is likely to increase the market price of food to all consumers.
Which of the following best describes a market shortage (excess demand)? Group of answer choices A shortage will occur when price is below the true equilibrium price and quantity demanded is greater than quantity supplied. A shortage will occur when price is above the true equilibrium price and quantity demanded is greater than quantity supplied. A shortage will occur when price is above the true equilibrium price and quantity demanded is less than quantity supplied. A shortage will occur when price is below the true equilibrium price and quantity demanded is less than quantity supplied.
A rent-a-car company currently rents their cars out at the market price of £50 per day, with renters paying for their petrol. the manager learns that economists expect petrol prices to rise dramatically over the next year. Using demand and supply analysis, illustrate and explain what the manager should expect to the price of the cars her company rents? Clearly identify the new equilibrium price and quantity for both petrol and Enterprise rent-a-car cars.
Florida, like several other states, has passed a law that prohibits “price gouging” immediately before, during, or after the declaration of a state of emergency. Price gouging is defined as “selling necessary commodities such as food, gas, ice, oil, and lumber at a price that grossly exceeds the average selling price for the 30 days prior to the emergency.” Many consumers attempt to stock up on emergency supplies, such as bottled water, immediately before and after a hurricane or other natural disaster hits an area. Also, many supply shipments to retailers are interrupted during a natural disaster. Assuming that the law is strictly enforced, what are the economic effects of the price gouging statute? Explain carefully.