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Price floors are typically imposed to benefit buyers.

A) True
B) False

Correct Answer

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The economy contains many labor markets for different types of workers.

A) True
B) False

Correct Answer

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The goal of rent control is to help the poor by making housing more affordable.

A) True
B) False

Correct Answer

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verified

A tax on sellers increases the quantity of the good sold in the market.

A) True
B) False

Correct Answer

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verified

Rent-control laws dictate a minimum rent that landlords may charge tenants.

A) True
B) False

Correct Answer

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Price ceilings are typically imposed to benefit sellers.

A) True
B) False

Correct Answer

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The housing shortages caused by rent control are larger in the long run than in the short run because both the supply of housing and the demand for housing are more elastic in the long run.

A) True
B) False

Correct Answer

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Workers determine the supply of labor,and firms determine the demand for labor.

A) True
B) False

Correct Answer

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Studies by economists have found that a 10 percent increase in the minimum wage decreases teenage employment 10 percent.

A) True
B) False

Correct Answer

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Discrimination is an example of a rationing mechanism that may naturally develop in response to a binding price floor.

A) True
B) False

Correct Answer

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Price ceilings are never binding when set above the equilibrium price.

A) True
B) False

Correct Answer

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A binding price floor causes a shortage in the market.

A) True
B) False

Correct Answer

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Lawmakers can decide whether the buyers or the sellers must send a tax to the government,but they cannot legislate the true burden of a tax.

A) True
B) False

Correct Answer

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Rent control may lead to lower rents for those who find housing,but the quality of the housing may also be lower.

A) True
B) False

Correct Answer

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One common example of a price ceiling is rent control.

A) True
B) False

Correct Answer

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To determine the incidence of a tax,it is necessary to have information on both the elasticity of demand and the elasticity of supply. ā€‹

A) True
B) False

Correct Answer

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If the demand curve is very inelastic and the supply curve is very elastic in a market,then the sellers will bear a greater burden of a tax imposed on the market,even if the tax is imposed on the buyers.

A) True
B) False

Correct Answer

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Regardless of whether a tax is levied on sellers or buyers,taxes encourage market activity.

A) True
B) False

Correct Answer

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The goal of the minimum wage is to ensure workers a minimally adequate standard of living.

A) True
B) False

Correct Answer

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A tax on sellers increases supply.

A) True
B) False

Correct Answer

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Showing 21 - 40 of 166

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