ECO 405 QUIZ 2

ECO 405 QUIZ 2 Click Below Link To Purchase www.foxtutor.com/product/eco-405-quiz-2 ECO 405 QUIZ 2 • Question 1 4 out of 4 points China's growth has been a result of Answer • Question 2 4 out of 4 points Markets that fall between pure competition and monopoly are called: Answer • Question 3 4 out of 4 points A market with only one seller of a product that has no good substitutes is called Answer • Question 4 4 out of 4 points Which of the following is least consistent with the pure market economy? Answer • Question 5 0 out of 4 points As the baby boom generation continues to age, what will happen to the equilibrium price and quantity of homes in retirement communities? Answer • Question 6 4 out of 4 points 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 Answer • Question 7 4 out of 4 points Which of the following descriptions fits the American economy best? Answer • Question 8 4 out of 4 points Two goods are said to be substitutes in consumption if Answer • Question 9 4 out of 4 points As consumer incomes rise, the demand curve for Good X shifts to the right. Given this, Good X must be Answer • Question 10 4 out of 4 points The Law of Supply states that price and Answer • Question 11 4 out of 4 points 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.? Answer • Question 12 4 out of 4 points In a market economy, Answer • Question 13 4 out of 4 points Since 1990, foreign investment in China has Answer • Question 14 4 out of 4 points 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) Answer • Question 15 4 out of 4 points 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 Answer • Question 16 4 out of 4 points 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? Answer • Question 17 4 out of 4 points To be effective, a price ceiling must be set Answer • Question 18 4 out of 4 points As of summer 2009, the U.S. federal minimum wage is set at what rate per hour? Answer • Question 19 4 out of 4 points The marginal product of labor is the additional Answer • Question 20 4 out of 4 points Which effect dominates if a workers supply curve for labor is negatively sloped? Answer • Question 21 4 out of 4 points One of the earliest known rent control laws was instituted in which city and when? Answer • Question 22 4 out of 4 points Rent control laws will _____________ the search costs of potential renters. Answer • Question 23 4 out of 4 points Which of the following measures the change in the hours of work that occurs when there is a change in income, other things equal? Answer • Question 24 4 out of 4 points As the price of rental housing falls, which of the following occurs? Answer • Question 25 4 out of 4 points Price floors are often instituted for which of the following purposes? Answer • Question 26 0 out of 4 points 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 worker? Answer • Question 27 4 out of 4 points The additional revenue a firm receives as a result of selling an additional unit of output is called Answer • Question 28 4 out of 4 points The consequences of government intervention Answer • Question 29 4 out of 4 points Price ceilings may be used on a selective basis to Answer • Question 30 4 out of 4 points Research suggests that as the minimum wage is increased by 10%, the associated increase in the teenage unemployment rate is nearly Answer