ECS1501 ASSIGNMENT 4 FOR 2026

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ECS1501
ASSIGNMENT 04
YEAR: 2026

, Started on Sunday, 26 July 2026, 9:44 AM
State Finished
Completed on Sunday, 26 July 2026, 10:17 AM
Time taken 33 mins 15 secs
Marks 45.00/45.00
Grade 100.00 out of 100.00
Question 1
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Fixing a minimum price for maize above the equilibrium price is an ineffective way of supporting
poorer farmers because inefficient producers are protected and survive financially to continue
farming.




True

False

Question 2
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Question text
Which of the following could be a long-term consequence of rent control?


Greater availability of rental properties

Increased housing supply

Decline in new housing development

Higher landlord profits

Question 3
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, Fixing a maximum price below the equilibrium price may lead to queues and black-market activity.




True

False

Question 4
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How might a government deal with the surplus caused by a minimum price?


Buying up the surplus stock

Reducing company taxes

Increasing consumer taxes

Imposing fines on producers

Question 5
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What is the main objective of a government-imposed minimum price in a competitive market?


To eliminate shortages in the market

To encourage more firms to enter the market

To ensure that goods remain affordable for consumers

To support specific industries

Question 6
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