EC2106F08PS6 - Name: _ Class: _ Date: _ ID: A Practice...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Practice Problem for Ch6 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The minimum wage a. alters the quantity of labor demanded, but not the quantity of labor supplied. b. is binding for all workers, regardless of their levels of experience and skills. c. has its greatest impact on the market for teenage labor. d. All of the above are correct. ____ 2. Under rent control, bribery is a mechanism to a. bring the total price of an apartment (including the bribe) closer to the equilibrium price. b. allocate housing to the poorest individuals in the market. c. force the total price of an apartment (including the bribe) to be less than the market price. d. allocate housing to the most deserving tenants. Figure 6-7 ____ 3. Refer to Figure 6-7 . Which panel(s) best represent(s) a non-binding rent control in the long run? a. panel (a) b. panel (b) c. neither panel d. either panel (a) or panel (b), depending upon local housing conditions ____ 4. A price ceiling that is
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EC2106F08PS6 - Name: _ Class: _ Date: _ ID: A Practice...

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