Question 1
The shortage in apartments causes by rent control is worse...
In the long-run, because the long-run supply is more elastic.
In the long-run, because the long-run supply is less elastic.
In the short-run, because the short-run supply is more elastic.
In the short-run, because the short-run supply is less elastic.
2 points
Question 2
Airline regulation of the 1970s produced a similar result to which of the following government interventions?
Communism
Rent control laws
The Affordable Care Act
Minimum wage laws
2 points
Question 3
What is a price floor?
A maximum price allowed by law.
A minimum price allowed by law.
A maximum price consumers are willing to pay.
A minimum price consumers are willing to pay.
2 points
Question 4
In 1938, Congress set the first minimum wage at $0.25 per hour. While this was a modest price floor for the country, it was a very large increase for what US territory which was not exempt from the law?
Arizona
Puerto Rico
Cuba
Hawaii
2 points
Question 5
Which of the following is a possible effect of a price ceiling?
A surplus of the good.
Increases in product quality.
Increased gains from trade.
People will waste time in lines waiting to purchase the good.
2 points
Question 6
Which of the following is a possible effect of a price floor?
Decreases in product quality.
The quantity supplied exceeds the quantity demanded.
Increased gains from trade.
A shortage of the good.
2 points
Question 7
Which of the following is a possible effect of a price ceiling?
Increased gains from trade.
Increases in product quality.
A surplus of the good.
The quantity demanded exceeds the quantity supplied.
Question 1
The shortage in apartments causes by rent control is worse...
In the long-run, because the long-run supply is more elastic. | ||
In the long-run, because the long-run supply is less elastic. | ||
In the short-run, because the short-run supply is more elastic. | ||
In the short-run, because the short-run supply is less elastic. |
2 points
Question 2
Airline regulation of the 1970s produced a similar result to which of the following government interventions?
Communism | ||
Rent control laws | ||
The Affordable Care Act | ||
Minimum wage laws |
2 points
Question 3
What is a price floor?
A maximum price allowed by law. | ||
A minimum price allowed by law. | ||
A maximum price consumers are willing to pay. | ||
A minimum price consumers are willing to pay. |
2 points
Question 4
In 1938, Congress set the first minimum wage at $0.25 per hour. While this was a modest price floor for the country, it was a very large increase for what US territory which was not exempt from the law?
Arizona | ||
Puerto Rico | ||
Cuba | ||
Hawaii |
2 points
Question 5
Which of the following is a possible effect of a price ceiling?
A surplus of the good. | ||
Increases in product quality. | ||
Increased gains from trade. | ||
People will waste time in lines waiting to purchase the good. |
2 points
Question 6
Which of the following is a possible effect of a price floor?
Decreases in product quality. | ||
The quantity supplied exceeds the quantity demanded. | ||
Increased gains from trade. | ||
A shortage of the good. |
2 points
Question 7
Which of the following is a possible effect of a price ceiling?
Increased gains from trade. | ||
Increases in product quality. | ||
A surplus of the good. | ||
The quantity demanded exceeds the quantity supplied. |