Economics MCQs

Page No. 320

Which of the following statements about a binding price ceiling is true ?


aThe shortage created by the price ceiling is greater in the short ran than in the long run.


bthe surplus created by the price ceiling is greater in the short run than in the long run


cThe surplus created by the price ceiling is greater in the long run than in the short run


dThe shortage created by the price ceiling is greater in the long run than in the short run



Suppose the equilibrium price for apartments is Rs500 per month and the government imposes rent controls of Rs250 Which of the following is unlikely to to occur as a result of the rent controls?


aThere may be long lines of buyers waiting for apartments


bLandlords may be offered bribes to rent apartments


chere will be a storage of housing


d the quality of apartments will improve



For a price ceiling to be binding constraint on the market the government must set it ?


a above the equilibrium price


b below the equilibrium price


cprecisely at the equilibrium price


dat any price because all price ceilings are binding constraints



Suppose that a war is fought will biological weapons. The weapons destroy people but not capital. What is likely to happen to equilibrium wages and rental rates after the war when compared to their values before the war ?


aWages rise, and rental rates fall


bWages rise, and rental rates rise


cWages fall, and rental rates rise


dWages fall, and rental rates fall



An increase in the price of automobiles shifts the demand for autoworkers to the ?


aleft and decreases the wage


b right and decreases the wage


cright and increases the wage


d left and increases the wage



A competitive profit-maximizing firm should hire workers up to the point where ?


athe wage, the rental price of capital and the rental price of land are all equal


bthe marginal product of labor equals zero and the production function is maximized


cthe value of the marginal product of labor equals the wage


dthe marginal product of labor equals the wage



An individual firm’s demand for a factor of production ?


aSlopes downward because an increase in the production of output reduces the price at which the output can be sold in a competitive market, thereby reducing the value of the marginal producing the value of the marginal product as more of the factor is use


bSlopes downward due to the factor’s diminishing marginal product


cslopes upward due to the factor’s increasing marginal product


dis perfectly elastic (horizontal) if the factor market is perfectly competitive



A decrease in the supply of farm tractors will cause all but which of the following ?


aan increase in the rental rate for tractor


ba decrease in the rental rate of farmland


c a decrease in the value of the marginal product of tractors


d an increase in the wage of farm workers



What will a decrease in the supply of fishermen do to the market for capital employed in the fishing industry ?


a increase the demand for fishing boats and decrease rental rates on fishing boats


bdecreases the demand for fishing boats and increase rental rates on fishing boats.


cdecreases the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry


d increase the demand for fishing boats and increase rental rates on fishing boats



For a competitive profit-maximizing firm, the value-of-the-marginal-product curve for capital is the firm’s ?


asupply curve of capital


bdemand curve for capital


c production function


dmarginal cost curve



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