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Multiple Choice Quiz
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1
Approximately how many cities have rent control laws?
A)All
B)None
C)200
D)20
2
Price floors are often instituted for which of the following purposes?
A)To prevent interest rate increases
B)To make goods and services available to low income individuals
C)To increase the income of sellers
D)To increase the wages of workers
3
An increase in the wage from $6/hr to $6.50/hr causes a worker to change her hours worked from 45 to 40 hours per week. For this worker, which effect dominates?
A)Substitution
B)Income
C)Wage
D)Wealth
4
A firm increases the number of workers it hires from 50 to 51, and as a result, output increases from 100 to 110. Each additional unit of output can be sold for $5. What is marginal revenue for the last 10 units produced?
A)$2
B)$5
C)$10
D)$20
5
A firm has a given amount of capital. When it hires 10 workers, output is 30. When it hires 15 workers, output is 40. If diminishing returns applies, which of the following is the most likely amount of capital when the firm hires 20 workers?
A)sixty
B)less than forty
C)more than 50
D)forty-five
6
The demand for labor is a derived demand because it os dependent on the:
A)demand for the product being produced.
B)marginal revenue of the product being produced.
C)marginal productivity of the workers producing the product.
D)All of the above.
7
Rent control laws may lead to which of the following unintended effects?
A)Under-the-table payments
B)Increased forced commuting
C)Higher search costs
D)All of the above
8
Some states have minimum wage laws that set the state minimum wage:
A)above the federal minimum wage.
B)equal to the federal minimum wage.
C)below the federal minimum wage.
D)Any of the above.
9
An increase in rent that increases the profitability of rental housing will lead to which of the following in the long-run?
A)An increase in the supply of rental housing.
B)A decrease in the supply of rental housing.
C)An increase in the demand for rental housing.
D)A decrease in the demand for rental housing.





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