True or False: 1. the fact that owners receive any profits tends to increase the

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True or False: 1. the fact that owners receive any profits tends to increase the efficiency of production and lower prices in a competitive market. 2. the demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years, as people forget the price increase. 3. if the cross price elasticity between good x and good y is positive, the two goods are substitutes. 4. the flatter the demand curve that passes through a given point, the more inelastic the demand. 5. prices allocate the scarce in society to those who value them the most. 6. if a price ceiling is placed above equilibrium, the quantity of goods purchased will decline. 7. rent controls are likely to cause an increase in quality, as owners bid for tenants. 8. the imposition of a minimum wage above equilibrium is more likely to harm minority groups in the population. 9. requiring employers to provide health care for employees will lower the equilibrium wage paid to workers. 10 the burden of a sales tax is paid by the buyers of a good. 11. the value of a productive resource depends upon the demand for the goods and services which can be produced by that resource.

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T F F T T F T T T F T

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