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week 8

Authored by ZHIQI LIU

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week 8
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An illegal market in which the equilibrium price exceeds the price ceiling is

A) a rental market.

B) a capital market.

C) a black market.

D) an efficient market.

E) a housing market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2) If the government imposes a maximum rent for housing that is above the equilibrium price, then you predict that

A) the law will have no effect in the market for housing.

B) the law will generate a shortage of housing.

C) the law will create a surplus of housing.

D) the demand curve for housing shifts rightward.

E) the supply curve of housing shifts leftward.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3) When a price ceiling is set below the equilibrium price,

A) the demand curve shifts leftward.

B) the quantity supplied exceeds the quantity demanded.

C) the quantity supplied equals the quantity demanded.

D) the supply curve shifts rightward.

E) the quantity demanded exceeds the quantity supplied.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4) Which one of the following is likely to be the outcome of a rent ceiling imposed below the equilibrium rent?

A) a black market for rent-controlled housing

B) long waiting lists of potential suppliers for rent-controlled housing

C) a surplus of housing

D) no search activity

E) Both A and B are correct.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

5) Refer to Figure 6.2.1. What is the equilibrium wage rate per hour in an unregulated market?

A) $2

B) $3

C) $4

D) $5

E) $30

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

6) Refer to Figure 6.2.1. Suppose a $5 per hour minimum wage is in force. What is the lowest wage per hour an unemployed person would be willing to accept?

A) $2

B) $3

C) $4

D) $5

E) $1

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7) Suppose the equilibrium wage is $10 an hour. A minimum wage is a price ________ and that will change the quantity of employment if it is set at ________ an hour.

A) floor; $12

B) ceiling; $12

C) floor; $8

D) ceiling; $8

E) floor; $10

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