Midterm Exam #2 Econ 101, Section 2 - Iowa State University Department Of Economics, 2004 Page 8
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12c.
increase tax revenue for governments; consumers
d.
producers; consumers
e.
consumers; producers
Figure-6
29.In Figure -6, if the government imposes a price ceiling of $2, the result will be ( d )
a.
equilibrium
b.
excess supply
c.
no different than before the price ceiling is imposed
d.
excess demand
e.
demand will shift leftward and supply will shift rightward
30.When the minimum wage is set above the equilibrium market wage,( c )
a.
there will be an excess demand for labor at the minimum wage
b.
it will have no effect on the quantity of labor employed
c.
the unemployment rate will rise
d.
the quality of the labor force will rise
e.
the unemployment rate will fall
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