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10/29/2014

Review Test Submission: Week 3 Quiz 2

Week 3

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

Week 3 Assessment Items

Review Test Submission: Week 3 Quiz 2

Review Test Submission: Week 3


Quiz 2

User

Kenya Nakisha Newton

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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Attempt
Score

Announcements

Time
Elapsed

39 minutes out of 2 hours.

Email

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.

Course Home
Student Center

Gradebook

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
Answer:

Price will decrease,


quantity will increase

Correct
Answer:

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
Answer:

Both supply and


demand increased

Correct
Answer:

Both supply and


demand increased

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10/29/2014

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
Answer:

Price will increase,


quantity will increase

Correct
Answer:

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)
Selected Answer:

Normal good

Correct Answer:

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
Selected Answer:

Complements

Correct Answer:

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
Answer:

An increase in the
demand for domestic cars

Correct
Answer:

An increase in the
demand for domestic cars

Question 7

4 out of 4 points

The Law of Supply states that price and


Selected
Answer:

Quantity supplied are


positively
related
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Review Test Submission: Week 3 Quiz 2

Answer:

positively related

Correct
Answer:

Quantity supplied are


positively related

Question 8

4 out of 4 points

The Law of Demand states that price


and
Selected
Answer:

Quantity demanded are


negatively related

Correct
Answer:

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
Answer:

from 1949 until


1978

Correct
Answer:

from 1949 until


1978

Question 10

0 out of 4 points

Which of the following descriptions fits


the American economy best?
Selected
Answer:

A pure market
economy

Correct
Answer:

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
Answer:

A pure
monopoly

Correct Answer:

A pure
monopoly

4 out of 4 points

Which of the following is least


consistent with the pure market
economy?
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10/29/2014

Review Test Submission: Week 3 Quiz 2

Selected
Answer:

The existence of a
minimum wage

Correct
Answer:

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
Answer:

Price will decrease,


quantity will increase

Correct
Answer:

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
Selected Answer:

Substitutes

Correct Answer:

Substitutes

Question 15

0 out of 4 points

Chinas transition to a market-oriented


economy
Selected
Has resulted in
Answer: relatively low rates of

economic growth
Correct
Answer:

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
Answer:
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10/29/2014

Review Test Submission: Week 3 Quiz 2

Answer:

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?
Selected Answer:

Correct Answer:

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?
Selected Answer:

Correct Answer:

Question 19

4 out of 4 points

The consequences of government


intervention
Selected
Answer:

Often involve
unintended
consequences

Correct
Answer:

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

Selected Answer:

Teenagers

Correct Answer:

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
Answer:

The income
effect

Correct Answer:

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?
Selected Answer:

10

Correct Answer:

10

Question 23

4 out of 4 points

Owners of rent controlled property


may attempt to increase profits by
Selected
Answer:

Taking under-thetable payments

Correct
Answer:

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
Answer:

Substitution
effect

Correct Answer:

Substitution
effect

Question 25

4 out of 4 points

Price ceilings may be used on a


selective basis to
Selected
Answer:

Make a good
accessible to all income
levels

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Review Test Submission: Week 3 Quiz 2

Correct
Answer:

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?
Selected Answer:

Income

Correct Answer:

Income

Question 27

4 out of 4 points

Rent control laws will _____________


the search costs of potential renters.
Selected Answer:

Increase

Correct Answer:

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
Selected Answer:

Decline

Correct Answer:

Decline

Question 29

4 out of 4 points

Which of the following represents the


demand curve for labor for a firm?
Selected
Answer:

The MRP
curve

Correct Answer:

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?
Selected Answer:

$7.25

Correct Answer:

$7.25

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Review Test Submission: Week 3 Quiz 2

Correct Answer:

$7.25

Wednesday, October 29, 2014 11:13:39 PM EDT

OK

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