6 Flashcards
Which of the following is likely result of minimum wage legislation? A) A shortage in the labor market B) unemployment C) A rise in income of all workers D) I fall in income of all workers
B
Which of the following describes the shift caused by a $500 per automobile pollution tax on the manufacturers A) demand curve down by $500 B) demand curve up by $500 C) supply curve up by $500 D) supply curve down by $500
C
Which one of the following describes want to tax it is most likely to be paid by the seller
A) when the supply and demand are elastic
B) when supply and demand are inelastic
C) when demand is elastic and supply using elastic
D) when demand is inelastic in supply is elastic
C
Which one of the following would not be a predicate result if the government imposes a ceiling on the price of rental accommodations that is lower than the market equilibrium price?
A) shortage of rental units for develop
B) The existing stock a rental units for deteriorate
C) those who obtain rental units at the controlled price would benefit
D) construction of new rental accommodations would be encouraged
D
Which one of the following describes when a tax to be split equally between buyers and sellers?
A) when supply and demand are equal
B) when supply and demand have equal elasticities
C) when supply has a zero elasticity in demand as an infinite elasticity
D) when supply has an infinite elasticity and demand has a zero elasticity
B
Which one of the following will occur if the government of prince Edward Island imposes a four dollar recycling fee empires whenever new tire is sold
A) it will move the demand curve down by four dollars
B) it will move the demand curve up by four dollars
C) you’ll move the supply curve up by four dollars
D) it will move the supply curve down by four dollars
A
Which one of the following describes who will bear the burden of the sales tax imposed on a commodity with perfectly inelasticity supply
A) it will be borne mostly by sellers
B) it will be borne completely by sellers
C) it will be born mostly by buyers
D) it will be born completely by buyers
B
Which one the following describes what economist mean when they say that it tax introduces a wedge in a market?
A) it wedges money away from buyers
B) it wedges money away from sellers
C) it creates a wedge between the new and old equilibrium prices
D) it introduces a wedge between the price paid by the buyers and that received by the seller
D
All else being equal, which one of the following describes conditions under which a binding price stilling would cause greater shortages
A) if both supply and demand are inelastic
B) if both supply and demand are elastic
C) if supply is elastic, but demand is inelastic
D) if supplies inelastic the demand is elastic
B
If the price of the commodity does not change after the government Lovisa sales tax on it which of the following is true
A) supply of the commodity is more elastic then it’s demand
B) demand for the commodity is more elastic Than its supply
C) supply of the commodity is perfectly elastic
D) demand for the commodity is perfectly elastic
D
All else being equal which one of the following describes want to binding price for will cause less of a surplus
A) if both supply and demand are inelastic
B) if both supply and demand are elastic
C) if supply is elastic, but demand is inelastic
D) if supply is inelastic, but demand is elastic
A
Which of the following statements about minimum-wage legislation is correct?
A) it is effective only at the minimum wage is that below the market equilibrium wage
B) it has no effect on the quantity of labor hired
C) it is a price floor that creates unemployment
D) it is a price ceiling that creates a shortage of workers
C
Which one of the following will, in effect, Oak her with an increase in the demand in a market with a binding price ceiling
A) an increase in the quantities bought and sold
B) A decrease in the quantities bought and sold
C) no alteration of the quantities bought and sold
D) an increase in the amount of shortage
C
Can lawmakers dictate the distribution of the tax burden?
lawmakers can decide whether a text comes from the buyers pocket or the sellers pocket.
They cannot legislate the true burden of the tax. The incidence of a text depends on the forces of supply and demand and is determined by their respective elasticities
Which of the following labor markets would be most affected by minimum-wage legislation? A) University B) A law firm C) A car wash D) A bank
C
