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# 10/29/2014

Week 3

ECO
4050
14VA
0161148
-001
(Eco
n
Probl
ems
&
Issue
s)

Quiz 2

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Course

## Econ Problems & Issues

Test

Week 3 Quiz 2

Started

10/29/14 10:34 PM

Submitted

10/29/14 11:13 PM

Status

Completed
112 out of 120 points

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Instructions

## This quiz consist of 30 multiple

choice questions. The first 15
questions cover the material
in Chapter 2. The second 15
questions cover the material in
Chapter 3. Be sure you are in the
correct Chapter when you take
the quiz.

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Class Introductions
Week 1
Week 2
Week 3
Week 4

Question 1

4 out of 4 points

## The entry of new firms into a market, all

other things equal, will have what effect
on equilibrium price and quantity?

Week 5
Week 6

Selected

## Price will decrease,

quantity will increase

Correct

## Price will decrease,

quantity will increase

Question 2

4 out of 4 points

## There is an increase in the quantity of

pizza purchased but no change in the
price of pizza. Which of the following is
most likely to have occurred?
Selected

demand increased

Correct

## Both supply and

demand increased

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## Review Test Submission: Week 3 Quiz 2

Question 3

4 out of 4 points

## A publicized report that finds orange

juice prevents certain diseases will
have what effect on the equilibrium
price and quantity of orange juice?
Selected

## Price will increase,

quantity will increase

Correct

## Price will increase,

quantity will increase

Question 4

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)

Normal good

Normal good

Question 5

4 out of 4 points

## If an increase in the price of cookies

leads to a decrease in the demand for
ice cream, then ice cream and cookies
must be

Complements

Complements

Question 6

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.?
Selected

An increase in the
demand for domestic cars

Correct

An increase in the
demand for domestic cars

Question 7

4 out of 4 points

Selected

## Quantity supplied are

positively
related
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## Review Test Submission: Week 3 Quiz 2

positively related

Correct

## Quantity supplied are

positively related

Question 8

4 out of 4 points

and
Selected

## Quantity demanded are

negatively related

Correct

## Quantity demanded are

negatively related

Question 9

4 out of 4 points

## The economy of the Peoples Republic

of China operated as a command
economy
Selected

1978

Correct

## from 1949 until

1978

Question 10

0 out of 4 points

## Which of the following descriptions fits

the American economy best?
Selected

A pure market
economy

Correct

Question 11

A mixed economy

4 out of 4 points

## A market with only one seller of a

product that has no good substitutes
is called

Question 12

Selected

A pure
monopoly

A pure
monopoly

4 out of 4 points

## Which of the following is least

consistent with the pure market
economy?
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## Review Test Submission: Week 3 Quiz 2

Selected

The existence of a
minimum wage

Correct

The existence of a
minimum wage

Question 13

4 out of 4 points

## A technological advance in the

production of computers will have
what effect on the equilibrium price
and quantity in the computer market?
Selected

## Price will decrease,

quantity will increase

Correct

## Price will decrease,

quantity will increase

Question 14

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

Substitutes

Substitutes

Question 15

0 out of 4 points

## Chinas transition to a market-oriented

economy
Selected
Has resulted in

economic growth
Correct

Question 16

Was completed by
around 2004

4 out of 4 points

## Given that a firm is selling its product

in a competitive market, meaning that
its marginal revenue is constant, what
would the Law of Diminishing Returns
to labor inputs imply about the
demand for labor?
Selected
The demand curve for
Answer: labor has a negative slope

## resulting from declining

marginal product
Correct
The demand curve for
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## labor has a negative slope

resulting from declining
marginal product

Question 17

4 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
marginal revenue for the last 10 units
produced?

Question 18

4 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 product of the 52ndworker?

Question 19

4 out of 4 points

## The consequences of government

intervention
Selected

Often involve
unintended
consequences

Correct

Often involve
unintended
consequences

Question 20

4 out of 4 points

## Which of the following groups most

suffers the costs of minimum wage
laws?

Question 21

Teenagers

Teenagers

4 out of 4 points

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## Review Test Submission: Week 3 Quiz 2

Question 21

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?
Selected

The income
effect

The income
effect

Question 22

4 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?

10

10

Question 23

4 out of 4 points

## Owners of rent controlled property

may attempt to increase profits by
Selected

Correct

## Taking under-thetable payments

Question 24

4 out of 4 points

## A change in the hours of work that

occurs in response to a wage change,
other things equal, is known as the
Selected

Substitution
effect

Substitution
effect

Question 25

4 out of 4 points

## Price ceilings may be used on a

selective basis to
Selected

Make a good
accessible to all income
levels

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## Review Test Submission: Week 3 Quiz 2

Correct

Make a good
accessible to all income
levels

Question 26

4 out of 4 points

## If an increase in the wage rate from

\$6.00 per hour to \$6.50 per hour
causes a worker to decrease his hours
worked from 40 to 35 hours per week,
which effect dominates?

Income

Income

Question 27

4 out of 4 points

## Rent control laws will _____________

the search costs of potential renters.

Increase

Increase

Question 28

4 out of 4 points

## The Law of Diminishing Returns states

that, as additional units of a variable
input are added to a given amount of a
fixed input, increases in output will

Decline

Decline

Question 29

4 out of 4 points

## Which of the following represents the

demand curve for labor for a firm?
Selected

The MRP
curve

The MRP
curve

Question 30

4 out of 4 points

## As of summer 2009, the U.S. federal

minimum wage is set at what rate per
hour?

\$7.25

\$7.25

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