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Chapter 6 Parkin & Bade
terms
11
Economics
Undergraduate 1
12/08/2015

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Cards

Term
price ceiling or price cap
Definition
A government regulation that makes it illegal to charge a price higher than a specified level is called a ________________.
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Term
rent ceiling
Definition
When a price ceiling is applied to a housing market, it is called a ________________ .
Term
search activity
Definition
The time spent looking for someone with whom to do business is called __________________.
Term
rent ceiling
Definition
When a price ceiling is applied to a housing market, it is called a __________________.
Term
search activity
Definition
The time spent looking for someone with whom to do business is called __________________.
Term
black market
Definition
A rent ceiling also encourages illegal trading in a ______________, an illegal market in which the equilibrium price exceeds the price ceiling.
Term
price floor
Definition
A government regulation that makes it illegal to charge a price lower than a specified level is called a _____________________.
Term
minimum wage
Definition
When a price floor is applied to a labour market, it is called a _________________.
Term
tax incidence
Definition
______________is the division of the burden of a tax between buyers and sellers.
Term
production quota
Definition
A _______________ is an upper limit to the quantity of a good that may be produced in a specified period.
Term
subsidy
Definition
A ____________ is a payment made by the government to a producer.
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