221.Aminimumwagethatissetaboveamarket’sequilibriumwagewillresultinanexcess a.demandforlabor,thatis,unemployment. b.demandforlabor,thatis,ashortageofworkers. c.supplyoflabor,thatis,unemployment. d.supplyoflabor,thatis,ashortageofworkers. 222.Unlikeminimumwagelaws,wagesubsidies a.discouragefirmsfromhiringtheworkingpoor. b.causeunemployment. c.helponlywealthyworkers. d.raisethelivingstandardsoftheworkingpoorwithoutcreatingunemployment. 223.TheEarnedIncomeTaxCreditisanexampleofa a.minimum-wagelaw. b.priceceiling. c.wagesubsidy. d.rentsubsidy. 224.Whichofthefollowingiscorrect?Pricecontrols a.alwayshelpthosetheyaredesignedtohelp. b.neverhelpthosetheyaredesignedtohelp. c.oftenhurtthosetheyaredesignedtohelp. d.alwayshurtthosetheyaredesignedtohelp. 225.Whichofthefollowingwouldnotinterferewithmarketequilibria? a.aminimumwage b.arentcontrol c.anon-bindingpricefloor d.abindingpriceceiling 226.Onedisadvantageofgovernmentsubsidiesoverpricecontrolsisthatsubsidies a.preventtheattainmentofequilibriuminthemarketsinwhichtheyareimposed. b.makehighertaxesnecessary. c.arealwaysunfairtothosewithlowincomes. d.causeunemployment. 227.Whichofthefollowingiscorrect? a.Workersdeterminethesupplyoflabor,andfirmsdeterminethedemandforlabor. b.Workersdeterminethedemandforlabor,andfirmsdeterminethesupplyoflabor. c.Thelabormarketisasinglemarketforalldifferenttypesofworkers. d.Thepriceoftheproductproducedbylaboradjuststobalancethesupplyoflaborandthedemandforlabor. 228.Asrationingmechanisms,prices a.andlonglinesareefficient. b.areefficient,butlonglinesareinefficient. c.areinefficient,butlonglinesareefficient. d.andlonglinesareinefficient. 229.In“VenezuelaVersustheMarket,”thelonglinesandshortagesarecausedby a.decliningworldenergyprices. b.unfetteredcapitalism. c.pricefloorsthatareintendedtomakefoodmoreaffordableforthepoor. d.priceceilingsthatareintendedtomakefoodmoreaffordableforthepoor. 230.In“VenezuelaVersustheMarket,”thepricecontrolplacedoncoffee a.createdashortageofcoffee. b.resultedinhigherprofitsforcoffeegrowers. c.increasedcoffeeexportstoothercountries. d.increasedtheamountoflandandcoffeeusedinproduction. 231.Asarationingmechanism,discriminationaccordingtosellerbiasis a.efficientandfair. b.efficient,butpotentiallyunfair. c.inefficient,butfair. d.inefficientandpotentiallyunfair. 232.Longlines a.anddiscriminationaccordingtosellerbiasarebothinefficientrationingmechanismsbecausetheybothwaste b.anddiscriminationaccordingtosellerbiasarebothinefficientrationingmechanismsbecausethegooddoesnotnecessarilygotothebuyerwhovaluesitmosthighly. c.areaninefficientrationingmechanismbecausetheywastebuyers’time,anddiscriminationaccordingtosellerbiasisaninefficientrationingmechanismbecausethegooddoesnotnecessarilygotothebuyerwhovaluesitmosthighly. d.areaninefficientrationingmechanismbecausethegooddoesnotnecessarilygotothebuyerwhovaluesitmosthighly,anddiscriminationaccordingtosellerbiasisaninefficientrationingmechanismbecauseitwastesbuyers’time.