ECO 405 QUIZ 2\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 1\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd China’s growth has been a result of\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 2\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Markets that fall between pure competition and monopoly are called:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 3\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd A market with only one seller of a product that has no good substitutes is called\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 4\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Which of the following is least consistent with the pure market economy?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 5\t0 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd As the baby boom generation continues to age, what will happen to the equilibrium price and quantity of homes in retirement communities?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 6\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd If an increase in the price of bicycles leads to an increase in the demand for bus transportation, the bicycles and bus rides must be\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 7\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Which of the following descriptions fits the American economy best?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 8\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Two goods are said to be substitutes in consumption if\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 9\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd As consumer incomes rise, the demand curve for Good X shifts to the right. Given this, Good X must be\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 10\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The Law of Supply states that price and\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 11\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Suppose the United Auto Workers union successfully lobbies Congress to enact an import quota on all foreign cars imported into the U.S. Which of the following is most likely to occur in the U.S.?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 12\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd In a market economy,\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 13\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Since 1990, foreign investment in China has\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 14\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd A student graduates from college and gets a high-paying job. As a result of the increase in income, the student buys more frozen pizzas. For the student, frozen pizzas must be a(n)\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 15\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd You receive a big raise at work. As a result of your now higher income, you stop bringing your lunch from home and start eating lunch at a nearby restaurant. Your homemade lunches must be\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 16\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd An increase in the wage from $6 per hour to $6.50 per hour causes a worker to increase her hours worked from 40 to 45 hours per week. For this worker, which effect dominates?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 17\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd To be effective, a price ceiling must be set\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 18\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd As of summer 2009, the U.S. federal minimum wage is set at what rate per hour?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 19\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The marginal product of labor is the additional\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 20\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Which effect dominates if a workers supply curve for labor is negatively sloped?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 21\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd One of the earliest known rent control laws was instituted in which city and when?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 22\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Rent control laws will _____________ the search costs of potential renters.\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 23\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Which of the following measures the change in the hours of work that occurs when there is a change in income, other things equal?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 24\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd As the price of rental housing falls, which of the following occurs?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 25\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Price floors are often instituted for which of the following purposes?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 26\t0 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd A firm increases the number of workers it hires from 50 to 52, and as a result, output increases from 100 to 110. Each of the additional units of output can be sold for $2. What is the marginal revenue product of the 52nd\tworker?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 27\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The additional revenue a firm receives as a result of selling an additional unit of output is called\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 28\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The consequences of government intervention\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 29\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Price ceilings may be used on a selective basis to\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 30\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Research suggests that as the minimum wage is increased by 10%, the associated increase in the teenage unemployment rate is nearly\tAnswer<\/p>\n","protected":false},"excerpt":{"rendered":"
ECO 405 QUIZ 2 “\ufffd \ufffd \ufffd\u00a0\u00a0 Question 1 4 out of 4 points \ufffd \ufffd \ufffd \u00a0 \ufffd \ufffd \ufffd China’s growth has been a result of Answer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0 \ufffd \ufffd Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-210744","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=210744"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210744\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=210744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=210744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=210744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}