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Minimum-wage laws benefit society by creating a surplus of labor.

A) True
B) False

Correct Answer

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Price ceilings are typically imposed to benefit buyers.

A) True
B) False

Correct Answer

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Since one effect of rent controls is to reduce the supply of available rental properties,rent controls can contribute to the problems of homelessness in cities with rent controls. ā€‹

A) True
B) False

Correct Answer

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The tax incidence depends on whether the tax is levied on buyers or sellers.

A) True
B) False

Correct Answer

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In a free market,the price of housing adjusts to eliminate the shortages that give rise to undesirable landlord behavior.

A) True
B) False

Correct Answer

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If a tax is imposed on the sellers of a product,then the tax burden will fall entirely on the sellers.

A) True
B) False

Correct Answer

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Workers with high skills and much experience are not typically affected by the minimum wage.

A) True
B) False

Correct Answer

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A tax of $1 on buyers shifts the demand curve downward by exactly $1.

A) True
B) False

Correct Answer

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To be binding,a price ceiling must be set above the equilibrium price.

A) True
B) False

Correct Answer

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The tax burden falls more heavily on the side of the market that is more inelastic.

A) True
B) False

Correct Answer

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A price ceiling set above the equilibrium price causes quantity demanded to exceed quantity supplied.

A) True
B) False

Correct Answer

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A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied.

A) True
B) False

Correct Answer

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Most labor economists believe that the supply of labor is much more elastic than the demand.

A) True
B) False

Correct Answer

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A price ceiling is always a binding price control,whereas a price floor may be either binding or not binding.

A) True
B) False

Correct Answer

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Advocates of the minimum wage admit that it has some adverse effects,but they believe that these effects are small and that a higher minimum wage makes the poor better off.

A) True
B) False

Correct Answer

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Who bears the majority of a tax burden depends on the relative elasticity of supply and demand.

A) True
B) False

Correct Answer

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Not all sellers benefit from a binding price floor.

A) True
B) False

Correct Answer

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Since the FICA tax is split equally between employers and employees,we can conclude that the incidence of this tax is also equally shared. ā€‹

A) True
B) False

Correct Answer

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Economic policies often have effects that their architects did not intend or anticipate.

A) True
B) False

Correct Answer

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A tax on sellers reduces the size of a market.

A) True
B) False

Correct Answer

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Showing 41 - 60 of 166

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