1. Which of the following statements about the labor market is (are) correct?

(x) The supply curve reflects job seekers and the demand curve reflects the jobs that are available.

(y) If the minimum wage is above the equilibrium wage, the quantity supplied of labor will be more than the quantity demanded.

(z) If the minimum wage is above the equilibrium wage, anyone who wants a job at the minimum wage will find it difficult to find one since the quantity supplied of labor is more than the quantity demanded of labor.

Select one:

A.

(x), (y) and (z)

B.

(x) and (y), only

C.

(x) and (z), only

D.

(y) and (z), only

E.

(x) only

2. The term "tax incidence" refers to

Select one:

A.

the division of the tax burden between sales taxes and income taxes.

B.

the division of the tax burden between buyers and sellers.

C.

the imposition of an income tax

D.

the "flat tax" movement

E.

Both A and C.

3.Which of the following statements about rent control is (are) correct?

(x) In the rental housing market, the imposition of binding rent controls cause the quantity supplied of rental housing to decrease and quantity demanded of rental housing to increase.

(y) Over time, housing shortages caused by rent control decrease because the demand and supply curves for housing are more inelastic in the long run.

(z) Waiting lists, selection by ethnicity or gender, and bribes are mechanisms of rationing that are used by landlords in cities with rent control.

Select one:

A.

(x), (y) and (z)

B.

(x) and (y) only

C.

(x) and (z) only

D.

(y) and (z) only

E.

(z) only