ECO 405 Week 3 Quiz

7/21/2019 ECO 405 Week 3 Quiz

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ECO 405 Week 3 Quiz – Strayer

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Econo'ic Syste's( )esource llocation( n# Social Well*Bein+, Lessons -ro'

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$ulti&le Choice Questions

. Whi!h O" #he $%&&%'in( )e*!ripti%n* $it* #he +meri!an E!%n%my ,e*t+. + ure arket E!%n%my,. + ied E!%n%myC. ure&y C%mpetiti1e E!%n%my). + C%mmand E!%n%myE. + %n%p%&y E!%n%my

2. n + arket E!%n%my

+. e*%ur!e* +re +&&%!ated ,y #he ri1ate artie* Wh% O'n #he e*%ur!e*,. e*%ur!e* +re +&&%!ated ,y #he ari%u* 6%!a& State +nd $edera& &annin(C%mmittee* +nd 7%nin( C%mmi**i%n*C. Sh%rta(e* 8e1er Ei*t). Surp&u*e* 8e1er Ei*tE. ,%th C9 +nd )9

3. n ;< #he Chine*e E!%n%my+. Opened #ie* #% #he 8%n!%mmuni*t W%r&d,. ,e!ame + Stri!t&y Centra&ized E!%n%my =nder >%*eph Sta&inC. ,e!ame C%mmuni*t =nder a% 7ed%n(). %1ed #% #he *&and O" #ai'anE. ,e!ame + ure&y arket-Oriented E!%n%my



7/21/2019 ECO 405 Week 3 Quiz


4. n ,%th #he =.S. +nd Canada %*t ,ut 8%t +&& O" E!%n%mi! e*%ur!e* +reO'ned +nd C%ntr%&&ed ,y ri1ate artie* Wh% ake )e!i*i%n* +* #% ?%' #% =*e#h%*e e*%ur!e* With S%me'hat 6imited nter"eren!e $r%m @%1ernment. +* Su!h#he*e E!%n%mie* +re Eamp&e* O"+. #he ure C%mmand E!%n%my

,. ied E!%n%mie* #h%u(h C&%*er #% #he arket End O" #he Spe!trumC. ied E!%n%mie* #h%u(h C&%*er #% #he C%mmand End O" #he Spe!trum). #he ure arket E!%n%myE. #he C%mmuni*t E!%n%my

7/21/2019 ECO 405 Week 3 Quiz


5. n #he arket E!%n%my arket* Ser1e #he $un!ti%n O"+. C%%rdinatin( e*%ur!e =*e )e!i*i%n* ade ,y ndi1idua& O'ner* O" e*%ur!e*,. ,rin(in( +b%ut e*%ur!e +&&%!ati%n Chan(e* )e*ired ,y e*%ur!e O'ner*C. )eterminin( ri!e*

). +&& O" #he +b%1eE. ,%th A+9 +nd A,9

B. Whi!h O" #he $%&&%'in( * 6ea*t C%n*i*tent With #he ure arket E!%n%my+. +n E*tab&i*hed 6e(a& Sy*tem #hat +rbitrate* C%ntra!t )i*pute*,. +n ndi1idua& +!!eptin( + >%b $%r er ?%ur C. #he n*tituti%n O" ri1ate r%perty i(ht*). #he Ei*ten!e O" + inimum Wa(e

E. ri1ate r%perty i(ht*

;. Whi!h O" #he $%&&%'in( * 8%t + Chara!teri*ti! O" + ure&y C%mpetiti1e arket+. En%u(h Se&&er* +nd ,uyer* S% #hat 8% One O" #hem +!tin( +&%ne Can n"&uen!e#he ri!e O" #hi* r%du!t,. #he +bi&ity O" + Sin(&e Se&&er #% ,&%!k %tentia& C%mpetit%r* Out O" #he arketC. $reed%m O" #he ri!e #% %1e =p Or )%'n #hat * 8% ri!e $iin(). %bi&ity O" ,uyer* +nd Se&&er*E. + Standardized r%du!t

<. + arket With On&y One Se&&er O" + r%du!t #hat ?a* 8% @%%d Sub*titute* *Ca&&ed+. + ure %n%p%&y,. + ure C%mmand E!%n%myC. ure&y C%mpetiti1e). mper"e!t&y C%mpetiti1eE. +n O&i(%p%&y

. Whi!h O" #he $%&&%'in( * O" %n%p%&y $irm* #hey+. Can anipu&ate #he ri!e O" #heir r%du!t,. ,eat #heir C%mpetit%r*D ri!e*C. u*t C%n*tant&y )ea& With #he Entry O" 8e' $irm*). 8e1er e!ei1e @%1ernment ?e&p ,&%!kin( Entry nt% #he arketE. )% +&& O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


0. arket* #hat $a&& ,et'een ure C%mpetiti%n +nd %n%p%&y +re Ca&&ed:+. +nti-C%mpetiti1e,. mper"e!t&y C%mpetiti1eC. C%mmand arket*

). #'eener arket*E. %n%p*%ni*ti!

. " + C%n*umer +&'ay* Eat* Chee*e With a!ar%ni #hen $%r #hat C%n*umera!ar%ni +nd Chee*e +re Eamp&e* O":+. Sub*titute*,. C%mp&ement*C. 8%rma& @%%d*

). n"eri%r @%%d*E. Standardized r%du!t*

2. " +n n!rea*e n #he ri!e O" C%%kie* 6ead* #% + )e!rea*e n #he )emand $%r!e Cream #hen !e Cream +nd C%%kie* u*t ,e+. Sub*titute*,. C%mp&ement*C. 8%rma& @%%d*). n"eri%r @%%d*

E. Standardized r%du!t*

3. " +n n!rea*e n #he ri!e O" ,i!y!&e* 6ead* #% +n n!rea*e n #he )emand $%r ,u* #ran*p%rtati%n #he ,i!y!&e* +nd ,u* ide* u*t ,e+. Sub*titute*,. C%mp&ement*C. 8%rma& @%%d*). n"eri%r @%%d*

E. Standardized r%du!t*

7/21/2019 ECO 405 Week 3 Quiz


4. + Student @raduate* $r%m C%&&e(e +nd @et* + ?i(h-ayin( >%b. +* + e*u&t O"#he n!rea*e n n!%me #he Student ,uy* %re $r%zen izza*. $%r #he Student$r%zen izza* u*t ,e +A89+. Sub*titute

,. C%mp&ementC. 8%rma& @%%d). n"eri%r @%%dE. Standardized r%du!t

5. %u e!ei1e + ,i( ai*e +t W%rk. +* + e*u&t O" %ur 8%' ?i(her n!%me %uSt%p ,rin(in( %ur 6un!h $r%m ?%me +nd Start Eatin( 6un!h +t + 8earbye*taurant. %ur ?%memade 6un!he* u*t ,e

+. + Sub*titute,. + C%mp&ementC. 8%rma& @%%d*). n"eri%r @%%d*E. Standardized r%du!t*

B. #he 6a' O" )emand State* #hat ri!e +nd+. )emand +re %*iti1e&y e&ated,. Quantity )emanded +re %*iti1e&y e&ated

C. )emand +re 8e(ati1e&y e&ated). Quantity )emanded +re 8e(ati1e&y e&atedE. 8%ne O" #he +b%1e

;. #he 6a' O" Supp&y State* #hat ri!e +nd+. Supp&y +re %*iti1e&y e&ated,. Quantity Supp&ied +re %*iti1e&y e&atedC. Supp&y +re 8e(ati1e&y e&ated

). Quantity Supp&ied +re 8e(ati1e&y e&atedE. Quantity )emanded +re 8e(ati1e&y e&ated

7/21/2019 ECO 405 Week 3 Quiz


<. +n n!rea*e n #he ri!e O" + @%%d Wi&& Cau*e Whi!h O" #he $%&&%'in(+. Quantity )emanded #% )emand #% i*e,. )emand #% $a&&C. Quantity Supp&ied #% $a&&

). Supp&y #% i*eE. 8%ne O" #he +b%1e

. Whi!h O" #he $%&&%'in( Wi&& Cau*e )emand #% i*e+. + )e!rea*e n ri!e,. + )e!rea*e n #he ri!e O" + Sub*titute @%%dC. + )e!rea*e n #he ri!e O" + C%mp&ementary @%%d). +n n!rea*e n Supp&y

E. +n n!rea*e n #he C%*t O" r%du!ti%n

20. @i1en + )%'n'ard-S&%pin( )emand Cur1e +nd +n =p'ard-S&%pin( Supp&yCur1e +n n!rea*e n Supp&y #%(ether With +n n!rea*e n )emand Wi&& Cau*e #he+. EFui&ibrium Quantity ur!ha*ed #% n!rea*e ,ut #he E""e!t On ri!e Wi&& ,endeterminate,. EFui&ibrium Quantity ur!ha*ed #% )e!rea*e ,ut #he E""e!t On ri!e Wi&& ,endeterminateC. ri!e #% i*e ,ut #he E""e!t On #he EFui&ibrium Quantity ur!ha*ed Wi&& ,e

ndeterminate). ri!e #% $a&& ,ut #he E""e!t On #he Quantity ,%u(ht +nd S%&d Wi&& ,endeterminateE. EFui&ibrium ri!e #% i*e +nd #he EFui&ibrium Quantity ur!ha*ed Wi&& i*e

2. + Situati%n n Whi!h #he )emand $%r + r%du!t * )e!rea*in( Whi&e #he ri!e* Simu&tane%u*&y n!rea*in( Can ,e Ep&ained ,y+. + )e!rea*e n Supp&y

,. +n n!rea*e n Supp&yC. =n!han(ed Supp&y). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


Que*ti%n* 22 - 24 e"er #% #he @raph ,e&%'.

22. +t ri!e #here * ++. Surp&u* O" G2

,. Sh%rta(e O" G2

C. Surp&u* O" G2

). Surp&u* O" +bE. Sh%rta(e O" G

23. +t + ri!e O" What Quantity Wi&& ,e S%&d n #he arket+. 0,. GC. G

). G2

E. G2

24. " #he arket * n EFui&ibrium #he ri!e +nd Quantity Wi&& ,e+. +nd G

,. +nd G

C. +nd G). +nd GE. +nd G2

7/21/2019 ECO 405 Week 3 Quiz



25. #he )emand Cur1e +nd Supp&y Cur1e $%r ,ee" +re )d +nd S*. #he )emandCur1e Shi"t* #% )d +nd + ri!e Cei&in( * &a!ed On ,ee" +t ri!e . #he e*u&tWi&& ,e+. + Surp&u* EFua& #% G,. + Shi"t n #he Supp&y Cur1e #% S*

C. +n n!rea*e n #he Quantity &a!ed On #he arket #% G

). ,%th A,9 +nd AC9 +b%1eE. + Sh%rta(e EFua& #% G

2B. #he )emand Cur1e +nd Supp&y Cur1e $%r ,ee" +re )d +nd S*. Whi!h O" #he$%&&%'in( C%u&d 8%t Cau*e )emand #% Shi"t #% )d+. +n n!rea*e n #he ri!e O" + Sub*titute @%%d,. +n n!rea*e n #he ri!e O" + C%mp&ementary @%%d

C. +n n!rea*e n C%n*umer n!%me). + Chan(e n C%n*umer #a*te*E. + Chan(e n C%n*umer Epe!tati%n*

7/21/2019 ECO 405 Week 3 Quiz


2;. #he )emand Cur1e +nd Supp&y Cur1e $%r ,ee" +re )d +nd S*. Whi!h O" #he$%&&%'in( C%u&d Cau*e Supp&y #% Shi"t #% S*+. +n n!rea*e n #he C%*t O" r%du!ti%n,. + )e!rea*e n #he C%*t O" r%du!ti%n

C. +n n!rea*e n #he ri!e O" + Sub*titute n r%du!ti%n). +n n!rea*e n n!%meE. +&& O" #he +b%1e

2<. Whi!h O" #he $%&&%'in( Statement* * n!%rre!t+. " Supp&y )e!rea*e* +nd )emand emain* C%n*tant EFui&ibrium ri!e Wi&& i*e,. " )emand )e!rea*e* +nd Supp&y n!rea*e* EFui&ibrium ri!e Wi&& i*eC. " Supp&y n!rea*e* +nd )emand )e!rea*e* EFui&ibrium ri!e Wi&& $a&&

). " )emand n!rea*e* +nd Supp&y )e!rea*e* EFui&ibrium ri!e Wi&& i*eE. " Supp&y * C%n*tant +nd )emand n!rea*e* ri!e Wi&& i*e

2. " )emand +nd Supp&y Shi"t #% )d +nd S* arket ri!e Wi&& ,e+. ,. +b%1e C. ,e&%' ). ndeterminateE. #he ri!e #hat @%e* With #he Quantity G

30. Whi!h O" #he $%&&%'in( Wi&& Cau*e + Chan(e n #he )emand $%r ,eer+. + Chan(e n #he +1era(e n!%me n #he E!%n%my,. + Chan(e n #he ri!e O" ?%p* A=*ed #% ake ,eer9C. + Chan(e n #he ri!e O" ,eer ). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


3. #he 6a' O" )emand Su((e*t* #hat+. ?i(her ri!e* +ut%mati!a&&y e*u&t n ?i(her r%"it*,. )emand )etermine* Supp&yC. #he 6%'er #he ri!e O" + r%du!t #he %re C%n*umer* Wi&& Wi*h #% ur!ha*e

Other #hin(* EFua&). With%ut 6a'* arket* W%u&d 8%t ea!h EFui&ibriumE. ,%th A+9 +nd AC9

32. + Chan(e n #he Quantity Supp&ied O" + @%%d ay ,e Cau*ed ,y+. + Chan(e n #e!hn%&%(y,. + Chan(e n #he 8umber O" $irm* Se&&in( #he @%%dC. + Chan(e n #he ri!e O" #he @%%d

). + Chan(e n #he )emand $%r #he @%%dE. Either AC9 Or A)9

Que*ti%n* 33 - 3; e"er #% #he @raph ,e&%'.

7/21/2019 ECO 405 Week 3 Quiz


7/21/2019 ECO 405 Week 3 Quiz


Que*ti%n* 3< - 43 e"er #% #he @raph ,e&%'.

3<. " #he arket Start* n EFui&ibrium With ) +nd S ri!e +nd Quantity +re+. 3 +nd 55,. 0 +nd 40C. 0 +nd B5). ; +nd 55E. 0 +nd 55

3. " #he arket Start* n EFui&ibrium With ) +nd S +nd #he ri!e O" ep*in!rea*e* #he 8e' EFui&ibrium ri!e +nd Quantity +re+. 3 +nd 55,. 0 +nd 40C. 0 +nd B5). ; +nd 55E. 0 +nd 55

40. " #he arket Start* n EFui&ibrium With ) +nd S +nd #he ri!e O"Carb%nated Water A#he ain n(redient n )r. epper9 n!rea*e* #he 8e'EFui&ibrium ri!e +nd Quantity +re+. 3 +nd 55,. 0 +nd 40C. 0 +nd B5). ; +nd 55E. 0 +nd 55

7/21/2019 ECO 405 Week 3 Quiz


4. " #he arket Start* n EFui&ibrium With ) +nd S +nd %re C%n*umer*)e1e&%p + re"eren!e $%r )r. epper #he 8e' EFui&ibrium ri!e +nd Quantity +re+. 3 +nd 55,. 0 +nd 40

C. 0 +nd B5). ; +nd 55E. 0 +nd 55

42. " #he arket Start* n EFui&ibrium With ) +nd S +nd EFui&ibrium ri!e +ndQuantity n!rea*e #% 0 +nd B5 Whi!h O" #he $%&&%'in( C%u&d ?a1e Cau*ed #heChan(e+. +n n!rea*e n C%n*umer n!%me

,. +n n!rea*e n r%du!ti%n C%*t*C. #he )i*!%1ery #hat )r. epper Cau*e* ?ea&th r%b&em*). + #e!hn%&%(i!a& +d1an!e n )r. epper r%du!ti%nE. +&& O" #he +b%1e

43. Whi!h O" #he $%&&%'in( * 8%t One O" #he HOther #hin(* EFua&H =nder&yin(#he )emand Cur1e+. ri!e* O" e*%ur!e*,. ur!ha*in( %'er O" ,uyer*

C. ,uyer*D #a*te* +nd re"eren!e*). 8umber* O" ,uyer*E. ,uyer*D Epe!tati%n*

44. + Chan(e n #he Quantity )emanded+. e*u&t* Whene1er One O" #he HOther #hin(* EFua&H =nder&yin( #he )emandCur1e Chan(e*,. e*u&t* When #he ri!e O" #he r%du!t n!rea*e* Or )e!rea*e*

C. ean* + Shi"t n #he %*iti%n O" #he )emand Cur1e). ean* %1ement +&%n( + @i1en )emand Cur1eE. * ,%th A,9 +nd A)9

7/21/2019 ECO 405 Week 3 Quiz


45. Supp%*e #hat +&& W%rker* e!ei1e + Wa(e edu!ti%n. What W%u&d #he mpa!tOn #he arket $%r +ut%* ,e+. #he Supp&y O" +ut%* W%u&d )e!rea*e,. #he )emand $%r +ut%* W%u&d n!rea*e

C. #he Supp&y O" +ut%* W%u&d n!rea*e +nd #he )emand $%r +ut%* W%u&d $a&&). ,%th +9 +nd ,9E. t Can 8%t ,e )etermined

4B. #here * +n n!rea*e n #he Quantity O" izza ur!ha*ed ,ut 8% Chan(e n #heri!e O" izza. Whi!h O" #he $%&&%'in( * %*t 6ike&y #% ?a1e O!!urred+. Supp&y n!rea*ed Whi&e )emand emained =n!han(ed,. ,%th Supp&y +nd )emand n!rea*ed

C. Supp&y n!rea*ed Whi&e #he Quantity )emanded n!rea*ed). )emand n!rea*ed Whi&e Supp&y emained =n!han(edE. ,%th Supp&y +nd )emand )e!rea*ed

4;. #'% @%%d* +re Said #% ,e Sub*titute* n C%n*umpti%n "+. +n n!rea*e n #he ri!e O" One 6ead* #% + $a&& n #he )emand $%r #he Other ,. +n n!rea*e n #he ri!e O" One 6ead* #% +n n!rea*e n #he )emand $%r #heOther C. +n n!rea*e n #he ri!e O" One 6ead* #% +n n!rea*e n #he Supp&y O" #he

Other ). + $a&& n #he ri!e O" One 6ead* #% +n n!rea*e n #he )emand $%r #he Other E. + )e!rea*e n #he ri!e O" One 6ead* #% + )e!rea*e n #he Supp&y O" #he Other

4<. +**ume 6ettu!e +nd Sa&ad )re**in( +re C%mp&ement* n C%n*umpti%n. +nn!rea*e n #he ri!e O" 6ettu!e Wi&&+. 6ead #% + $a&& n #he )emand $%r Sa&ad )re**in(,. 6ead #% + $a&& n #he Quantity )emanded O" Sa&ad )re**in(

C. ?a1e 8% mpa!t On #he )emand $%r Sa&ad )re**in(). 6ead #% + $a&& n #he Supp&y O" Sa&ad )re**in(E. 6ead #% + i*e n #he Supp&y O" Sa&ad )re**in(

7/21/2019 ECO 405 Week 3 Quiz


4. Whi!h O" #he $%&&%'in( * $%r n"eri%r @%%d*+. #he 6a' O" )emand )%e* 8%t ?%&d,. #hey +re O" 6%' Qua&ityC. #he )emand $%r #hem $a&&* +* C%n*umer n!%me i*e*

). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

50. +n n!rea*e n #he Wa(e* O" Oran(e i!ker* Wi&& ?a1e What E""e!t n #hearket $%r Oran(e*+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*eC. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e

). ri!e Wi&& )e!rea*e Quantity Wi&& n!rea*eE. #he 8e' EFui&ibrium ri!e +nd Quantity Can 8%t ,e )etermined

5. +n n!rea*e n C%n*umer n!%me Wi&& ?a1e What E""e!t On #he EFui&ibriumri!e +nd Quantity O" ?%t )%(*+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*eC. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e). ri!e Wi&& )e!rea*e Quantity Wi&& n!rea*e

E. #he 8e' EFui&ibrium ri!e +nd Quantity Can 8%t ,e )etermined

52. +n n!rea*e n #he ri!e O" Car* Wi&& ?a1e What E""e!t On #he EFui&ibriumri!e +nd Quantity O" @a*%&ine+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*eC. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e). ri!e Wi&& )e!rea*e Quantity Wi&& n!rea*e

E. #he 8e' EFui&ibrium ri!e +nd Quantity Can 8%t ,e )etermined

7/21/2019 ECO 405 Week 3 Quiz


53. + #e!hn%&%(i!a& +d1an!e n #he r%du!ti%n O" C%mputer* Wi&& ?a1e WhatE""e!t On #he EFui&ibrium ri!e +nd Quantity n #he C%mputer arket+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*e

C. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e). ri!e Wi&& )e!rea*e Quantity Wi&& n!rea*eE. #he 8e' EFui&ibrium ri!e +nd Quantity Can 8%t ,e )etermined

54. + ub&i!ized ep%rt #hat $ind* Oran(e >ui!e re1ent* Certain )i*ea*e* Wi&& ?a1eWhat E""e!t On #he EFui&ibrium ri!e +nd Quantity O" Oran(e >ui!e+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*e


55. +* #he ,aby ,%%m @enerati%n C%ntinue* #% +(e What Wi&& ?appen #% #heEFui&ibrium ri!e +nd Quantity O" ?%me* n etirement C%mmunitie*+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*eC. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e


5B. " C%n*umer* Epe!t +n n!rea*e n #he ri!e O" C%""ee 8et %nth What Wi&&?appen #% #he EFui&ibrium ri!e +nd Quantity O" C%""ee #hi* %nth+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*eC. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e


7/21/2019 ECO 405 Week 3 Quiz


5;. #he Entry O" 8e' $irm* nt% + arket +&& Other #hin(* EFua& Wi&& ?a1e WhatE""e!t On EFui&ibrium ri!e +nd Quantity+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*e


5<. +n n!rea*e n #he ri!e O" $&a*h&i(ht* Wi&& ?a1e What E""e!t On #heEFui&ibrium ri!e +nd Quantity O" ,atterie*+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*e


5. " #he ri!e O" $i&m n!rea*e* +t #he Same #ime #he C%*t O" Camera r%du!ti%nn!rea*e* What Wi&& ?appen #% #he EFui&ibrium ri!e +nd Quantity n #he Cameraarket+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*e


B0. " #here * + #e!hn%&%(i!a& +d1an!e n #he r%du!ti%n O" aper +t #he Same#ime C%n*umer n!%me n!rea*e* A+**ume aper * + 8%rma& @%%d9 What Wi&&?appen n #he arket $%r aper+. ri!e Wi&& n!rea*e Quantity Wi&& )e!rea*e

,. ri!e Wi&& n!rea*e Quantity Wi&& n!rea*eC. ri!e Wi&& )e!rea*e Quantity Wi&& )e!rea*e). ri!e Wi&& )e!rea*e Quantity Wi&& n!rea*eE. #he 8e' EFui&ibrium ri!e +nd Quantity Can 8%t ,e )etermined

7/21/2019 ECO 405 Week 3 Quiz


B. Supp%*e #he =nited +ut% W%rker* =ni%n Su!!e**"u&&y 6%bbie* C%n(re** #%Ena!t +n mp%rt Qu%ta On +&& $%rei(n Car* mp%rted nt% #he =.S. Whi!h O" #he$%&&%'in( * %*t 6ike&y #% O!!ur n #he =.S.+. + $a&& n #he ri!e O" mp%rted Car* +nd n!rea*e n #he ri!e O" )%me*ti!*

,. +n n!rea*e n #he )emand $%r )%me*ti! Car*C. + )e!rea*e n +meri!an +ut%'%rker Wa(e*). ?i(her =nemp&%yment +m%n( +meri!an +ut%'%rker*E. + $a&& n #he )emand $%r mp%rt*

B2. +* C%n*umer n!%me* i*e #he )emand Cur1e $%r @%%d G Shi"t* #% #he i(ht.@i1en #hi* @%%d G u*t ,e+. r%du!ed ,y + C%mpetiti1e $irm

,. + ?i(h Qua&ity r%du!tC. + Sub*titute @%%d). + 8%rma& @%%dE. +n n"eri%r @%%d

B3. Sin!e 0 ChinaD* @r%'th ?a* ,een+. %u(h&y EFua& #% #hat O" #he =nited State*,. )e!&inin(C. n #he )%ub&e )i(it*

). +b%ut 3I er ear E. 8%ne O" #he +b%1e

B4. ChinaD* @r%'th ?a* ,een + e*u&t O"+. n!rea*ed )%me*ti! )emand,. apid&y n!rea*in( n"&ati%nC. n1e*tment n Other E!%n%mie*). #rade )e"i!it*

E. #rade Surp&u*e*

7/21/2019 ECO 405 Week 3 Quiz


B5. Sin!e 0 $%rei(n n1e*tment n China ?a*+. n!rea*ed S&i(ht&y,. n!rea*ed Si(ni"i!ant&yC. ,een =n!han(ed

). )e!rea*ed S&i(ht&yE. )e!rea*ed Si(ni"i!ant&y

BB. China Can ,e ,e*t )e*!ribed +* ++. arket E!%n%my,. ied E!%n%myC. #ran*iti%na& E!%n%my). C%mpetiti1e E!%n%my

E. %n%p%&y E!%n%my

B;. $r%m + Standp%int O" e*%ur!e +&&%!ati%n + Surp&u* O" C%rn mp&ie*+. C%n*umer* W%u&d re"er S%me O" #he e*%ur!e* =*ed #% r%du!e C%rn ,e =*ed#% r%du!e S%methin( E&*e,. #he arket $%r +(ri!u&tura& r%du!t* * $ai&in(C. @%1ernment Sh%u&d ur!ha*e #he Surp&u* #% r%te!t #he $armer*). #he ri!e O" C%rn * #%% 6%' +nd Sh%u&d ,e n!rea*edE. #he Quantity )emanded O" C%rn E!eed* #he Quantity Supp&ied

B<. +"ter E*tab&i*hin( #he epub&i! O" China n 4 a%D* C%mmuni*t artyatterned #he Chine*e E!%n%my +"ter+. >apan,. #ai'anC. #he =**r ). #he =nited State*E. Eur%pe

7/21/2019 ECO 405 Week 3 Quiz


B. $%&&%'in( #he E*tab&i*hment O" + S%1iet Sty&e S%!iety n 4 #he State&annin( C%mmi**i%n Wa* Created ,y+. Chian( Jai-Shek ,. )en( Gia%pin(

C. a% 7ed%n(). >%*eph Sta&inE. Wen >iaba%

;0. #he State &annin( C%mmi**i%n n China ?a* #he #a*k O"+. )eterminin( What @%%d* +nd Ser1i!e* Sh%u&d ,e r%du!ed,. )eterminin( What Quantitie* O" @%%d* +nd Ser1i!e* +re r%du!edC. )eterminin( #he +&&%!ati%n O" e*%ur!e* =*ed n #he r%du!ti%n O" @%%d* +nd

Ser1i!e*). ?%' #he @%%d* +nd Ser1i!e* +re #% ,e )i*tributedE. er"%rmin( +&& O" #he #a*k* 6i*ted +b%1e

;. #he E!%n%my O" #he e%p&eK* epub&i! O" China Operated +* + C%mmandE!%n%my+. $r%m ; =nti& 4,. $r%m 4 =nti& ;<C. Sin!e 0

). $r%m 4 =nti& B2E. Whi!h Started ChinaD* #ran*iti%n #% + arket E!%n%my

;2. ChinaK* #ran*iti%n #% + arket-Oriented E!%n%my+. Wa* C%mp&eted ,y +r%und 2004,. Wa* +band%ned n 200 +nd #he C%untry ?a* eturned #% C%mmand E!%n%myC. ?a* e*u&ted n e&ati1e&y 6%' ate* O" E!%n%mi! @r%'th). )id 8%t 6ead #% +ny r%b&em* With n"&ati%n Or =nemp&%yment

E. )id 8%t 6ead #% +ny r%b&em* With C%rrupti%n

;3. n + arket E!%n%my + Sh%rta(e O" Wheat Wi&& Cau*e #he+. ri!e O" ,read #% i*e,. ri!e O" ,read #% $a&&C. ri!e O" Wheat #% $a&&). Supp&y O" ,read #% n!rea*eE. Supp&y O" Wheat #% $a&&

7/21/2019 ECO 405 Week 3 Quiz


;4. Whi!h O" #he $%&&%'in( Wa* 8%t + r%b&em $%r ChinaD* Centra&ized E!%n%my+. n"%rmati%na& eFuirement*,. n!enti1e* $%r E""i!ien!yC. #he Empha*i* On ?ea1y a!hinery r%du!ti%n

). 6%' Qua&ity r%du!t*E. 8%ne O" #he +b%1e A#hey Were +&& r%b&em*9

;5. " #he )emand Cur1e $%r ,ran u""in* ?a* Shi"ted Out )ue #% + edi!a& Study#hat ndi!ate* #hat e(u&ar C%n*umpti%n O" ,ran 6%'er* Ch%&e*ter%& #hen We CanC%n!&ude #hat #here ?a* ,een+. + e*p%n*e #% #he n!rea*e )emand $%r + C%mp&ementary @%%d,. + Chan(e n C%n*umer #a*te*

C. + edu!ti%n n #he r%du!ti%n C%*t* O" ,ran). +n n!rea*e n C%n*umer Epe!tati%n*E. +n mpr%1ement n #he E!%n%my e*u&tin( n ?i(her n!%me*

;B. C%n*umer ur!ha*e* O" ?ybrid Car* ?a1e i*en Sharp&y n e!ent ear*. Onemp%rtant $a!t%r n #hi* n!rea*ed )emand $%r #he*e ehi!&e* *+. tD* C%%& #% ,e H@reenH +nd )ri1e + ?ybrid,. )e!rea*in( ri!e* O" + C%mp&ementary @%%dC. Chan(e n Epe!tati%n* ,a*ed =p%n #he ,e&ie" #hat Ener(y ri!e* Wi&& i*e n

#he $uture). edu!ed +1ai&abi&ity O" + Sub*tituteE. @%1ernment $ue& andate*

/rue -alse Questions

;;. a% 7ed%n( Started ChinaD* #ran*iti%n #% + arket E!%n%my

;<. ri1ate O'ner*hip O" +n E!%n%myD* e*%ur!e* * + )e"inin( $eature O" #heure arket E!%n%my

7/21/2019 ECO 405 Week 3 Quiz


;. #he n*tituti%n O" ri1ate r%perty i(ht* * +n E**entia& $eature O" #he arketE!%n%my

<0. #he =.S. * ,e*t )e*!ribed +* + ure arket E!%n%my

<. n #he ure C%mmand E!%n%my %*t e*%ur!e =*e )e!i*i%n* +re ade ,y@%1ernment

<2. n + arket E!%n%my ri!e $&u!tuati%n* ndi!ate #here * + 6a!k O" E""e!ti1eC%mpetiti%n

<3. $%r + arket #% ,e C%n*idered ure&y C%mpetiti1e 8e' i1a&* u*t ,e $ree #%Enter " #hey $ee& #hey Can E""e!ti1e&y C%mpete

<4. ,&%!ked Entry * E**entia& $%r + ure&y C%mpetiti1e arket

<5. Entry * ,&%!ked n %n%p%&y arket*

<B. n e*p%n*e #% +n n!rea*e n #he ri!e O" ,eer ,%b edu!e* ?i* C%n*umpti%n$r%m 3 #% 2 ,eer* er )ay. #hi* e"&e!t* + edu!ti%n n ,%bD* )emand $%r ,eer

7/21/2019 ECO 405 Week 3 Quiz


<;. Surp&u*e* #end #% )ri1e C%mpetiti1e ri!e* )%'n'ard #%'ard EFui&ibrium +ndSh%rta(e* #end #% )ri1e C%mpetiti1e ri!e* =p'ard #%'ard EFui&ibrium

<<. When #he Entire )emand Cur1e Shi"t* Out #% #he i(ht We Say #here ?a*,een +n n!rea*e n )emand

<. + Chan(e n Supp&y O!!ur* When One O" #he Other #hin(* EFua& Chan(e* +nd* epre*ented +* %1ement +&%n( #he Supp&y Cur1e

0. + Chan(e n #he ri!e O" +ut%m%bi&e* Wi&& Cau*e + Chan(e n #he )emand $%r+ut%m%bi&e*

. )emand * #he Quantity O" + r%du!t er #ime eri%d #hat ,uyer* Wi&& ,uy +t#he re1ai&in( ri!e Other #hin(* EFua&

2. #he 6a' O" )emand State* #hat C%n*umer* Wi&& ,uy 6e** +t 6%'er ri!e* ,utOn&y " + 8umber O" Other #hin(* +re ?e&d C%n*tant

3. #he 6a' O" Supp&y State* #hat Se&&er* Wi&& Se&& %re +t ?i(h ri!e* #han +t6%' ri!e*

7/21/2019 ECO 405 Week 3 Quiz


4. When +n E!%n%mi*t Say* #hat #he )emand $%r + r%du!t ?a* n!rea*ed #hi*ean* #hat C%n*umer* +re 8%' Wi&&in( #% ur!ha*e %re O" #he r%du!t +t Ea!h+&ternati1e ri!e

5. +n n!rea*e n #he ri!e O" + @%%d Wi&& )e!rea*e )emand $%r #he @%%d

B. +n n!rea*e n #he Supp&y O" + @%%d Wi&& n!rea*e )emand $%r #he @%%d

;. +n n!rea*e n C%n*umer n!%me Can Either n!rea*e Or )e!rea*e )emand $%r +@%%d

<. )urin( )e!ember Ea!h ear #he 8umber O" Chri*tma* #ree* S%&d n!rea*e* +*

)%e* #he ri!e O" #he #ree*. #hi* C&ear&y i%&ate* #he 6a' O" )emand

. +n n!rea*e n #he )emand $%r @a*%&ine +!!%mpanied ,y + )e!rea*e n #heSupp&y O" @a*%&ine Wi&& Cau*e #he ri!e #% i*e ,ut ay Cau*e #he Quantityur!ha*ed #% n!rea*e )e!rea*e Or emain #he Same

00. $&u!tuatin( ri!e* #end #% C%n"u*e C%n*umer* S% ri!e* Sh%u&d ,e@%1ernment C%ntr%&&ed Whene1er %**ib&e

7/21/2019 ECO 405 Week 3 Quiz


0. +n n!rea*e n #he ri!e O" @a* Wi&& Cau*e +n n!rea*e n #he Supp&y O" @a*Sin!e t Wi&& ,e %re r%"itab&e #% Se&&

7/21/2019 ECO 405 Week 3 Quiz


02. #he )emand Cur1e $%r +n n"eri%r @%%d * =p'ard S&%pin( 6ike + #ypi!a&Supp&y Cur1e

03. When #here * +n n!rea*e n ,%th Supp&y +nd )emand t * mp%**ib&e #%)etermine What ?appen* #% #he EFui&ibrium ri!e =n&e** #he a(nitude* O" #heSupp&y +nd )emand Chan(e* +re Jn%'n

04. )urin( #he 2 re*identia& Campai(n %** er%t e!%mmended + 50-Cent*-

er-@a&&%n n!rea*e n #he #a On @a*%&ine. Su!h +n n!rea*e W%u&d ?a1e 6itt&e Or 8% E""e!t On #he Quantity O" @a* S%&d Sin!e We ?a1e $e' Opti%n* #% )ri1in(

05. " %u ,uy %re O" + @%%d +* + e*u&t O" +n n!rea*e n n!%me #he @%%d *Jn%'n +* + C%n*umer @%%d

0B. +pp&ian!e* +nd E&e!tri!ity +re +n Eamp&e O" C%mp&ementary @%%d*

0;. +n n!rea*e n #he Supp&y O" + @%%d Wi&& n!rea*e #he ri!e O" #he @%%dOther #hin(* ,ein( EFua&

0<. When ,%th Supp&y +nd )emand n!rea*e ri!e +nd Quantity Wi&& n!rea*e

0. Sh%rta(e* O" + arti!u&ar @%%d Can ,e Epe!ted #% 6ead #% i*in( ri!e* +ndn!rea*ed r%du!ti%n $%r #hat @%%d n + arket E!%n%my

7/21/2019 ECO 405 Week 3 Quiz


0. Sh%rta(e* O" + arti!u&ar @%%d Can ,e Epe!ted #% 6ead #% )e!rea*in( ri!e*+nd 6%'er r%du!ti%n $%r #hat @%%d n + arket E!%n%my

. n #he Sh%rt un +n n!rea*e n )emand $%r + @%%d Wi&& e*u&t n ?i(herri!e* n + arket E!%n%my

2. n #he Sh%rt un +n n!rea*e n )emand $%r + @%%d Wi&& e*u&t n 6%n( 6ine*n + C%mmand E!%n%my

3. n #he 6%n( un +n n!rea*e n #he )emand $%r + @%%d Wi&& e*u&t n +nn!rea*e n Supp&y O" #he @%%d n + arket E!%n%my

4. n #he 6%n( un +n n!rea*e n #he )emand $%r + @%%d Wi&& e*u&t n +nn!rea*e n Supp&y O" #he @%%d n + C%mmand E!%n%my

5. " #he )emand $%r + @%%d n!rea*e* n + %n%p%&y arket ri!e Wi&& i*e+nd $irm* Wi&& Enter #he ndu*try n #he 6%n( un

B. ChinaD* #ran*iti%n #% + arket E!%n%my ,e(an n 0.

;. C%mmand E!%n%mie* ntr%du!e n!enti1e* $%r E""i!ient r%du!ti%n

7/21/2019 ECO 405 Week 3 Quiz


<. =nder #he @reat 6eap $%r'ard #he #a*k O" )eterminin( ?%' u!h #%r%du!e $e&& On #he State &annin( C%mmi**i%n

. #he Chine*e C%mmuni*t arty $a1%red r%du!ti%n n #he ?ea1y ndu*trySe!t%r* O" #he E!%n%my

20. n ;< )en( Gia%pin( Started #he r%!e** O" #ran*iti%nin( China #% +

HS%!ia&i*t arket E!%n%my.H

2. Whi&e #he Superi%rity O" #he arket Orientati%n Seem* C&ear t * EFua&&yC&ear #hat #he #ran*iti%n $r%m + C%mmand #% + arket E!%n%my * ery )i""i!u&t

22. ChinaD* #ran*iti%n #% + arket Orientati%n ?a* ,een e&ati1e&y r%b&em-$ree

23. ChinaD* #ran*iti%n #% + arket Orientati%n ,e(an With +(ri!u&tura& e"%rm

24. ChinaD* #ran*iti%na& E!%n%my * $ree O" =nemp&%yment +nd n"&ati%n

25. 5 O" #he 20 Citie* With #he ?i(he*t 6e1e&* O" +ir %&&uti%n +re n China.

7/21/2019 ECO 405 Week 3 Quiz


Cha&ter 03

"o1ern'ent Control O2 Prices n $ie# Syste's, Who re /he Winners n#

Losers

$ulti&le Choice Questions

. n + arket E!%n%my " #he arket Supp&y O" + r%du!t )e!rea*e* e&ati1e #%t* )emand #he r%du!tD* ri!e Wi&&+. $a&&,. i*eC. ,e =n!han(ed). $a&& +nd #hen i*eE. i*e +nd #hen $a&&

2. n + ied E!%n%my @%1ernment* ay nter1ene n arket* n Whi!h O" #he$%&&%'in( Way*+. ri!e Cei&in(*,. inimum Wa(e*C. +(ri!u&tura& ri!e Supp%rt*). ,%th +9 +nd ,9E. +&& O" #he +b%1e

3. Whi!h O" #he $%&&%'in( * O" ?%' arket* ea!t #% @%1ernment nter1enti%n#hey ea!t+. #% r%1ide #he ntended e*u&t*,. n Way* #hat O""*et ntended mpa!t*C. Qui!k&y #% e1er*e ntended E""e!t*). n C%mp&ete&y =npredi!tab&e Way*E. S% S&%'&y #hat %&i!ie* 8e1er W%rk +* #hey +re ntended

4. #he C%n*eFuen!e* O" @%1ernment nter1enti%n+. +re @enera&&y +* &anned ,y %&i!y aker*,. O"ten n1%&1e =nintended C%n*eFuen!e*C. $a&& On 6%' n!%me ndi1idua&*). +re 8%t $e&t =nti& #he 8et $i*!a& ear E. Ser1e #% n!rea*e E""i!ien!y n arket*

7/21/2019 ECO 405 Week 3 Quiz


5. + aimum +&&%'ab&e ri!e $%r + @%%d Or Ser1i!e * ++. ri!e Cei&in(,. ri!e $&%%r C. inimum Wa(e

). arket EFui&ibriumE. ri!e Supp%rt

B. #% ,e E""e!ti1e + ri!e Cei&in( u*t ,e Set+. ,y #he arket,. +b%1e EFui&ibriumC. ,e&%' EFui&ibrium). +t EFui&ibrium

E. ,y r%du!er*

;. #he urp%*e O" + ri!e Cei&in( ay ,e #% ?%&d )%'n+. n"&ati%n,. =nemp&%ymentC. ntere*t ate*). Wa(e*E. +&& O" #he +b%1e

<. ri!e Cei&in(* ay ,e =*ed On + Se&e!ti1e ,a*i* #%+. C%ntr%& n"&ati%n n #he E!%n%my,. ake + @%%d Cheaper #% r%du!eC. ,%%*t #he n!%me O" $irm*). ake + @%%d +!!e**ib&e #% +&& n!%me 6e1e&*E. n!rea*e W%rker*D n!%me*

. )urin( #he ;0D* +b%ut ?%' any Citie* n #he =.S. ?ad ent C%ntr%&*+. 000,. 200C. 50). 5E. 5

7/21/2019 ECO 405 Week 3 Quiz


0. One O" #he Ear&ie*t Jn%'n ent C%ntr%& 6a'* Wa* n*tituted n Whi!h City +ndWhen+. 8e' %rk +t #he Start O" W'ii,. Wa*hin(t%n ).C. )urin( #he Ci1i& War

C. ari* n #he ;00*). %me n #he 400*E. Chi!a(% )urin( #he @reat )epre**i%n

. + inimum +&&%'ab&e ri!e $%r + @%%d Or Ser1i!e * Jn%'n +*+. + ri!e $&%%r ,. + inimum Wa(eC. + ri!e Supp%rt

). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

2. ri!e $&%%r* +re O"ten n*tituted $%r Whi!h O" #he $%&&%'in( urp%*e*+. #% re1ent n"&ati%n,. #% ake @%%d* +nd Ser1i!e* +!!e**ib&e #% +&& n!%me 6e1e&*C. #% n!rea*e #he n!%me O" Se&&er*). #% n!rea*e #he Wa(e* O" W%rker*E. #% )% +&& O" #he +b%1e

3. Whi!h O" #he $%&&%'in( * O" #he $ir*t =.S. inimum Wa(e+. t Wa* Set =nder #he $air 6ab%r Standard* +!t,. t Wa* n*tituted n 3<C. t Set #he inimum Wa(e +t 25 Cent* er ?%ur ). t +pp&ied On&y #% Certain )e*i(nated ndu*trie*E. +&& O" #he +b%1e

4. n < #he =.S. $edera& inimum Wa(e Wa* n!rea*ed #%+. 2.00 er ?%ur ,. 2.50 er ?%ur C. 3.35 er ?%ur ). 4.00 er ?%ur E. 5.5 er ?%ur

7/21/2019 ECO 405 Week 3 Quiz


5. Whi!h O" #he $%&&%'in( * O" #he =.S. inimum Wa(e O1er #he <0* +nd0*+. t Wa* =n!han(ed,. t n!rea*ed Si(ni"i!ant&y #hr%u(h #he <0* +nd Wa* C%n*tant #hr%u(h #he

0*C. t Wa* C%n*tant #hr%u(h #he <0* +nd #hen n!rea*ed Si(ni"i!ant&y #hr%u(h#he 0*). t $e&& )urin( #he 0*E. t Wa* E&iminated n #he 0*

B. +* O" Summer 200 #he =.S. $edera& inimum Wa(e * Set +t What ate er?%ur

+. 5.5,. 5.<5C. B.55). ;.25E. <.00

;. S%me State* +&*% ?a1e #heir O'n inimum Wa(e 6e(i*&ati%n. @enera&&y #he*e6a'* Set #he State inimum Wa(e+. +b%1e #he $edera& inimum Wa(e

,. ,e&%' #he $edera& inimum Wa(eC. EFua& #% #he $edera& inimum Wa(e). #% Either +9 Or C9E. #% +ny O" #he +b%1e

<. +* #he ri!e O" enta& ?%u*in( $a&&* Whi!h O" #he $%&&%'in( O!!ur*+. #he Quantity )emanded O" ?%u*in( n!rea*e*,. e%p&e #ake n %%mmate* #% Share C%*t*

C. ndi1idua&* %1e ,a!k n With #heir $ami&ie*). %re enta& ?%u*in( * C%n*tru!tedE. +&& O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


. +* #he ri!e O" enta& ?%u*in( n!rea*e* Whi!h O" #he $%&&%'in( Wi&&?appen+. r%perty Wi&& ,e S'it!hed $r%m C%mmer!ia& r%perty #% enta& ?%u*in(,. %re enta& ?%u*in( Wi&& ,e ,ui&tC. enter* Wi&& ,e ndu!ed #% ,uy ?%u*in(

). #he +1era(e 8umber O" enter* er enta& =nit Wi&& n!rea*eE. +&& O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz



20. " #he )emand $%r enta& ?%u*in( * )d +nd #he Supp&y O" enta& ?%u*in( *S* #he EFui&ibrium ent +nd Quantity A8umber O" =nit* n #h%u*and*9 +re+. <00 +nd 25,. B25 +nd 30

C. B00 +nd 20). 400 +nd 25E. B00 +nd 25

2. " )emand +nd Supp&y +re )d +nd S* +nd )emand n!rea*e* #% )d #he 8e'EFui&ibrium ent +nd Quantity A8umber O" =nit* n #h%u*and*9 +re+. <00 +nd 25,. B25 +nd 30C. B00 +nd 20). 400 +nd 25E. B00 +nd 25

7/21/2019 ECO 405 Week 3 Quiz


22. +n n!rea*e n ent #hat 6ead* #% n!rea*ed r%"itabi&ity O" r%du!in( enta&?%u*in( Wi&& 6ead #% Whi!h O" #he $%&&%'in( Shi"t* n #he 6%n( un+. )d #% )d

,. )d #% )d

C. S* #% S*). S* #% S*

E. 8%ne O" #he +b%1e

23. " #he Supp&y +nd )emand $%r enta& ?%u*in( +re )d +nd S* What E""e!t Wi&&+ ent C%ntr%& 6a' #hat Set* #he aimum +&&%'ab&e ent +t 400 ?a1e On #hearket t Wi&& 6ead #%+. + Surp&u* O" 5 #h%u*and =nit*

,. + Sh%rta(e O" 5 #h%u*and =nit*C. + Surp&u* O" 0 #h%u*and =nit*). + Sh%rta(e O" 0 #h%u*and =nit*E. 8% Chan(e n EFui&ibrium ent Or Quantity

24. " #he Supp&y +nd )emand $%r enta& ?%u*in( +re )d +nd S* What E""e!t Wi&&+ ent C%ntr%& 6a' #hat Set* #he aimum +&&%'ab&e ent +t <00 ?a1e On #hearket t Wi&& 6ead #%+. + Surp&u* O" 5 #h%u*and =nit*

,. + Sh%rta(e O" 5 #h%u*and =nit*C. + Surp&u* O" 0 #h%u*and =nit*). + Sh%rta(e O" 0 #h%u*and =nit*E. 8% Chan(e n EFui&ibrium ent Or Quantity

25. " e%p&e +re $%r!ed #% C%mmute +* + e*u&t O" + ent C%ntr%& 6a' n + CityWhi!h O" #he $%&&%'in( e*u&t* +n n!rea*e n+. ent aid ,y C%mmuter*

,. )ire!t C%mmutin( C%*t*C. Opp%rtunity C%*t* $%r C%mmuter*). %&&uti%n +nd #ra""i! C%n(e*ti%n n Citie*E. +&& O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


2B. ent C%ntr%& 6a'* Wi&& LLLLLLLLLLLLL #he Sear!h C%*t* O" %tentia& enter*.+. n!rea*e,. )e!rea*eC. E&iminate

). iti(ateE. eimbur*e

Que*ti%n* 2; - 32 e"er #% #he @raph ,e&%'.

2;. #he EFui&ibrium ent +nd Quantity A000* O" =nit*9 +re+. 00 +nd 30,. ;50 +nd 40C. B00 +nd 30). 00 +nd 50E. B00 +nd 50

7/21/2019 ECO 405 Week 3 Quiz


2<. " ent * C%ntr%&&ed +t 00 #he Quantity O" enta& ?%u*in( )emanded Wi&&,e+. 0,. 30

C. 40). 50E. %re #han 50

2. " ent * C%ntr%&&ed +t B00 #he Quantity O" enta& ?%u*in( )emanded Wi&&,e+. 0,. 30

C. 40). 50E. %re #han 50

30. " ent * C%ntr%&&ed +t 00 #he Quantity O" enta& ?%u*in( Supp&ied Wi&& ,e+. 0,. 30C. 40). 50

E. %re #han 50

3. " ent * C%ntr%&&ed +t B00 #he Quantity O" enta& ?%u*in( Supp&ied Wi&& ,e+. 0,. 30C. 40). 50E. %re #han 50

32. " ent * C%ntr%&&ed +t B00 #here Wi&& ,e + LLLLLL EFua& #% LLLL #h%u*and=nit* n #he arket.+. Surp&u*M 0,. Surp&u*M 20C. Sh%rta(eM 0). Sh%rta(eM 20E. E!e** Supp&yM 0

7/21/2019 ECO 405 Week 3 Quiz


33. ent C%ntr%& 6a'* ay 6ead #% Whi!h O" #he $%&&%'in( =nintended E""e!t*+. =nder-#he-#ab&e ayment*,. n!rea*ed $%r!ed C%mmutin(C. ?i(her Sear!h C%*t*

). 6%*t r%"it n!enti1e* #% Chan(e #he Supp&y O" enta& ?%u*in(E. +&& O" #he +b%1e

34. O'ner* O" ent C%ntr%&&ed r%perty ay +ttempt #% n!rea*e r%"it* ,y+. ai*in( ent*,. mpr%1in( #he Qua&ity O" #heir enta& =nit*C. #akin( =nder-#he-#ab&e ayment*). C%n1ertin( C%mmer!ia& r%pertie* #% enta& r%pertie*

E. +&& O" #he +b%1e

35. n #he Sh%rt-un Wh% HWin*H $r%m ent C%ntr%& 6a'*+. +&& e%p&e Wh% Want #% ent ?%u*in(,. O'ner* O" ent C%ntr%&&ed r%pertyC. e%p&e Wh% ,uy ?%u*in(). @%1ernment* #hat ay #% En"%r!e ent C%ntr%& 6a'*E. 8%ne O" #he +b%1e

3B. n #he Sh%rt-un Wh% H6%*e*H $r%m ent C%ntr%& 6a'*+. #h%*e Wh% Cann%t $ind enta& ?%u*in(,. e%p&e Wh% +re $%r!ed #% C%mmuteC. ndi1idua&* Wh% Eperien!e n!rea*ed Sear!h C%*t* $%r enta& ?%u*in(). #h%*e Wh% u*t ake =nder-#he-#ab&e ayment* #% Se!ure enta& ?%u*in(E. +&& O" #he +b%1e

3;. #he )emand $%r 6ab%r * + )eri1ed )emand ,e!au*e t * )ependent On+. #he )emand $%r #he r%du!t ,ein( r%du!ed,. #he ar(ina& e1enue O" #he r%du!t ,ein( r%du!edC. #he ar(ina& r%du!ti1ity O" #he W%rker* r%du!in( #he r%du!t). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


3<. #he +dditi%na& e1enue #hat +!!rue* #% + $irm When +n +dditi%na& W%rker *?ired *+. #he ar(ina& e1enue r%du!t O" 6ab%r ,. #he ar(ina& r%du!t O" 6ab%r

C. #he ar(ina& e1enue O" 6ab%r ). #he ar(ina& =ti&ity O" 6ab%r E. 8%ne O" #he +b%1e

3. #he ar(ina& r%du!t O" 6ab%r * #he +dditi%na&+. e1enue e!ei1ed When + W%rkerD* Output * S%&d,. r%du!ti%n C%*t O" ?irin( +n +dditi%na& 6ab%r C. Output r%du!ed +* + e*u&t O" @i1in( W%rker* +dditi%na& Capita&

). Output r%du!ed +* + e*u&t O" ?irin( +n +dditi%na& W%rker E. r%du!t )e1e&%ped +* + e*u&t O" dea* @enerated ,y W%rker*

40. #he +dditi%na& e1enue + $irm e!ei1e* +* + e*u&t O" Se&&in( +n +dditi%na&=nit O" Output * Ca&&ed+. ri!e,. r%"itC. #%ta& e1enue). ar(ina& e1enue

E. ar(ina& e1enue r%du!t

4. + $irm n!rea*e* #he 8umber O" W%rker* t ?ire* $r%m 50 #% 52 +nd +* +e*u&t Output n!rea*e* $r%m 00 #% 0. Ea!h O" #he +dditi%na& =nit* O" OutputCan ,e S%&d $%r 2. What * #he ar(ina& r%du!t O" #he 52nd W%rker+. 2,. 5C. 0

). 20E. 50

7/21/2019 ECO 405 Week 3 Quiz


42. + $irm n!rea*e* #he 8umber O" W%rker* t ?ire* $r%m 50 #% 52 +nd +* +e*u&t Output n!rea*e* $r%m 00 #% 0. Ea!h O" #he +dditi%na& =nit* O" OutputCan ,e S%&d $%r 2. What * ar(ina& e1enue $%r #he 6a*t 0 =nit* r%du!ed+. 2

,. 5C. 0). 20E. 50

43. + $irm n!rea*e* #he 8umber O" W%rker* t ?ire* $r%m 50 #% 52 +nd +* +e*u&t Output n!rea*e* $r%m 00 #% 0. Ea!h O" #he +dditi%na& =nit* O" OutputCan ,e S%&d $%r 2. What * #he ar(ina& e1enue r%du!t O" #he 52nd W%rker

+. 2,. 5C. 0). 20E. 50

44. #he 6a' O" )imini*hin( eturn* State* #hat +* +dditi%na& =nit* O" + ariab&enput +re +dded #% + @i1en +m%unt O" + $ied nput n!rea*e* n Output Wi&&+. n!rea*e

,. )e!&ineC. Stay #he Same). +!!e&erateE. ,e!%me Errati!

45. + $irm ?a* + @i1en +m%unt O" Capita&. When t ?ire* 0 W%rker* Output * 30.When t ?ire* W%rker* Output * 40. " #he 6a' O" )imini*hin( eturn* +pp&ie*Whi!h O" #he $%&&%'in( * #he %*t 6ike&y +m%unt O" Output When #he $irm

?ire* 2 W%rker*+. ;0,. B0C. 50). 45E. -0

7/21/2019 ECO 405 Week 3 Quiz


4B. Whi!h O" #he $%&&%'in( epre*ent* #he )emand Cur1e $%r 6ab%r $%r + $irm+. #he r Cur1e,. #he p Cur1eC. #he rp Cur1e

). #he ! Cur1eE. 8%ne O" #he +b%1e

Que*ti%n* 4; - 5 e"er #% #he #ab&e ,e&%'.

4;. #he ar(ina& r%du!t O" #he 4th W%rker *+. 20

,. 40C. 00). 40E. B0

4<. " Ea!h =nit O" Output * S%&d $%r 5 #he ar(ina& e1enue O" #he Se!%nd=nit O" Output S%&d *+. 5,. 0C. 40). 50

E. 200

7/21/2019 ECO 405 Week 3 Quiz


4. #he ar(ina& r%du!t O" #he $ir*t W%rker *+. 0,. 0C. 40

). 50E. =nab&e #% ,e )etermined

50. " Ea!h =nit O" Output * S%&d $%r 5 #he ar(ina& e1enue r%du!t O" #he 3 rd W%rker *+. 5,. 50C. 200

). 250E. 300

5. " Ea!h =nit O" Output * S%&d $%r 2 #he ar(ina& e1enue r%du!t O" #he B th W%rker *+. 2,. 4C. 0). 20

E. ;0

52. +* #he Wa(e n!rea*e* + W%rker Wi&& Ch%%*e #% W%rk+. %re,. 6e**C. #he Same +m%unt). O1ertimeE. +n +m%unt #hat Cann%t ,e )etermined

53. + Chan(e n #he ?%ur* O" W%rk #hat O!!ur* n e*p%n*e #% + Wa(e Chan(eOther #hin(* EFua& * Jn%'n +* #he+. Supp&y O" 6ab%r ,. Sub*tituti%n E""e!tC. n!%me E""e!t). Wa(e E""e!tE. Opp%rtunity C%*t O" 6ab%r

7/21/2019 ECO 405 Week 3 Quiz


54. +n n!rea*e n #he Wa(e $r%m B er ?%ur #% B.50 er ?%ur Cau*e* + W%rker#% n!rea*e ?er ?%ur* W%rked $r%m 40 #% 45 ?%ur* er Week. $%r #hi* W%rkerWhi!h E""e!t )%minate*+. Sub*tituti%n

,. n!%meC. Wa(e). Wea&thE. 6ei*ure

55. Whi!h O" #he $%&&%'in( ea*ure* #he Chan(e n #he ?%ur* O" W%rk #hatO!!ur* When #here * + Chan(e n n!%me Other #hin(* EFua&+. #he Supp&y O" 6ab%r Cur1e

,. #he Sub*tituti%n E""e!tC. #he n!%me E""e!t). ar(ina& r%du!ti1ityE. #he Wa(e E""e!t

5B. " +n n!rea*e n #he Wa(e ate $r%m B.00 er ?%ur #% B.50 er ?%ur Cau*e*+ W%rker #% )e!rea*e ?i* ?%ur* W%rked $r%m 40 #% 35 ?%ur* er Week Whi!hE""e!t )%minate*+. Sub*tituti%n


5;. Whi!h E""e!t )%minate* " + W%rker* Supp&y Cur1e $%r 6ab%r * 8e(ati1e&yS&%ped+. Sub*tituti%n


7/21/2019 ECO 405 Week 3 Quiz


Que*ti%n* 5< - B3 e"er #% #he @raph ,e&%'.

5<. EFui&ibrium Wa(e +nd Quantity n #he 6ab%r arket +re+. 3 +nd <,. 5 +nd 22C. ; +nd B). 0 +nd <E. 0 +nd 22

5. +t + Wa(e O" 0 #he rp O" 6ab%r *+. <,. 0C. <0). 2BE. mp%**ib&e #% )etermine =*in( #hi* @raph

B0. " #he Wa(e ate * 0 What * #he Quantity O" 6ab%r )emanded+. 0,. <C. B). 22E. 25

7/21/2019 ECO 405 Week 3 Quiz


B. " #he Wa(e ate * 0 What * #he Quantity O" 6ab%r Supp&ied+. 0,. <C. B

). 22E. 25

B2. " #he Wa(e ate * 3 Whi!h O" #he $%&&%'in( Wi&& O!!ur+. + Sh%rta(e O" <,. + Surp&u* O" <C. + Sh%rta(e O" ;). + Surp&u* O" ;

E. + Surp&u* O" B

B3. #% ,e E""e!ti1e + inimum Wa(e n #hi* arket W%u&d ?a1e #% ,e Set+. +b%1e ;,. +b%1e 0C. ,e&%' 5). ,e&%' ;E. ,e&%' 0

Que*ti%n* B4 - B< e"er #% #he @raph ,e&%'.

7/21/2019 ECO 405 Week 3 Quiz


B4. + inimum Wa(e Set +t 2 er ?%ur W%u&d e*u&t n + Surp&u* O"+. 0,. 0C. 20). 35

E. 8%ne O" #he +b%1e

B5. + inimum Wa(e O" 2 W%u&d 6ead #% + Quantity O" 6ab%r )emanded EFua&#%+. 0,. 5C. 25). 35E. %re #han 35

BB. + inimum Wa(e O" 2 W%u&d 6ead #% + Quantity O" 6ab%r Supp&ied EFua&#%+. 0,. 5C. 25). 35E. %re #han 35

B;. + inimum Wa(e Set +t 4 W%u&d e*u&t n + Sh%rta(e O"+. 0,. 0C. 20). 35E. 8%ne O" #he +b%1e

B<. " + inimum Wa(e * Set +t 4 #he Quantity O" 6ab%r )emanded n #hearket Wi&& ,e+. 0,. 5C. 25). 35E. %re #han 35

7/21/2019 ECO 405 Week 3 Quiz


B. Whi!h O" #he $%&&%'in( @r%up* %*t Su""er* #he C%*t* O" inimum Wa(e6a'*+. C%&&e(e @raduate*,. Seni%r Citizen*

C. #eena(er*). anu"a!turin( W%rker*E. +(ri!u&tura& W%rker*

;0. Whi!h O" #he $%&&%'in( * O" #he inimum Wa(e+. t ?a* Si(ni"i!ant&y edu!ed %1erty n #he =nited State*,. + W%rker Earnin( #he inimum Wa(e Wi&& Jeep + $ami&y O" #hree Out O"%1erty

C. t e*u&t* n + u!h %re EFua& )i*tributi%n O" n!%me n #he =nited State*). =nemp&%yment ate* +re =na""e!ted ,y #he inimum Wa(eE. 8%ne O" #he +b%1e *

;. e*ear!h Su((e*t* #hat +* #he inimum Wa(e * n!rea*ed ,y 0I #he+**%!iated n!rea*e n #he #eena(e =nemp&%yment ate * 8ear&y+. er!ent,. 0 er!entC. 20 er!ent

). 25 er!entE. 30 er!ent

;2. #he +&ternati1e +na&y*i* O" #he inimum Wa(e ndi!ate* #hat Whi!h O" #he$%&&%'in( ay ,e +. #he )emand Cur1e * erti!a& O1er #he e&e1ant an(e,. #he Supp&y Cur1e * erti!a& O1er #he e&e1ant an(eC. #here * On&y + ery S&i(ht =nemp&%yment E""e!t O" + inimum Wa(e

). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

7/21/2019 ECO 405 Week 3 Quiz


;3. +!!%rdin( #% #he +&ternati1e +na&y*i* O" #he inimum Wa(e Whi!h O" #he$%&&%'in( i(ht 6ead #he )emand Cur1e $%r 6ab%r #% ,e erti!a& O1er #hee&e1ant an(e+. $irm* O""*et ?i(her Wa(e* ,y +&&%'in( 6%n(er 6ine* )urin( eak ?%ur*

,. ?i(her Wa(e* +re O""*et ,y n!rea*ed E""i!ien!yC. ri!e* +re n!rea*ed $%r @%%d* #hat +re 8%t ri!e-Sen*iti1e). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

;4. Whi!h O" #he $%&&%'in( ndi1idua&* 6%*e +* + e*u&t O" +n E""e!ti1e inimumWa(e 6a'+. #h%*e Wh% emain Emp&%yed +"ter #he inimum Wa(e * n*tituted

,. #eena(er* Wh% 6%*e #heir >%b* +nd a&uab&e On-#he->%b #rainin(C. Ski&&ed W%rker* Wh% Earn Wa(e* +b%1e #he inimum Wa(e). +&& O" #he +b%1eE. 8%ne O" #he +b%1e

;5. " #here * + ri!e Cei&in( Set $%r i&k +t 2.50 er @a&&%n +nd #he CurrentEFui&ibrium ri!e * 2.25 er @a&&%n #hen We Can C%n!&ude+. #hat #he ri!e Cei&in( * )%in( t* >%b Jeepin( ri!e* 6%',. #hat #he ri!e Cei&in( * 8%n-,indin( +nd ?a* 8% E""e!t On #he arket

EFui&ibriumC. #hat i&k mp%rt* +re edu!in( #he ri!e). #hat @r%!ery St%re* +re +"raid #% ai*e #he ri!e #% #he Cei&in( 6e1e& $%r $earO" r%*e!uti%n ,y #he @%1ernmentE. #hat ri!e Cei&in(* Set + inimum ri!e

;B. @i1en #hat + $irm * Se&&in( t* r%du!t n + C%mpetiti1e arket eanin( #hatt* ar(ina& e1enue * C%n*tant What W%u&d #he 6a' O" )imini*hin( eturn* #%

6ab%r nput* mp&y +b%ut #he )emand $%r 6ab%r+. #hat #he )emand $%r 6ab%r W%u&d ,e C%n*tant " #he arket * Stab&e,. #hat #he $irm W%u&d ay n!rea*in( Wa(e* #% +ttra!t Qua&i"ied Emp&%yee*C. #he )emand W%u&d )imini*h With #he Output O" 8e' W%rker*). #he )emand Cur1e $%r 6ab%r ?a* + 8e(ati1e S&%pe e*u&tin( $r%m )e!&inin(ar(ina& r%du!tE. #he 6a' O" )imini*hin( eturn* ?a* 8% E""e!t On 6ab%r )emand

7/21/2019 ECO 405 Week 3 Quiz


;;. #he $a!t #hat We Ob*er1e %*iti1e&y S&%ped arket 6ab%r Supp&y Cur1e*mp&ie* #hat+. #he Sub*tituti%n E""e!t * Str%n(er #hat #he n!%me E""e!t $%r %*t W%rker*,. #he n!%me E""e!t * Str%n(er #han #he Sub*tituti%n E""e!t $%r %*t W%rker*

C. %*t W%rker* )%nDt ?a1e n!%me Or Sub*tituti%n E""e!t*). #he n!%me E""e!t &u* Sub*tituti%n E""e!t e*u&t* n #he %*iti1e S&%peE. 6ab%r 6a'* eFuire W%rker* #% W%rk +t 6ea*t 40 ?%ur* er Week

/rue -alse Questions

;<. n + ied E!%n%my arket* +dNu*t $ree&y +nd +&& arket* +re C&eared.

;. n + ied E!%n%my @%1ernment* nter1ene n arket* #% +""e!t #he ri!e* O" ndi1idua& @%%d*.

<0. n + ied E!%n%my @%1ernment* nter1ene n arket* #% C%ntr%& n"&ati%n.

<. +ppr%imate&y 20 =.S. Citie* ?a1e ent C%ntr%& 6a'*.

<2. #here +re Eamp&e* O" ent C%ntr%&* $r%m +* Ear&y +* #he ;00*.

<3. any ent C%ntr%&* Were E*tab&i*hed +* + e*u&t O" W%r&d War i +nd WereJept E1en +"ter #he War Ended.

7/21/2019 ECO 405 Week 3 Quiz


<4. S%me =ni1er*itie* ?a1e ent C%ntr%&&ed Student ?%u*in(.

<5. ri!e $&%%r* +re n*tituted #% n!rea*e #he n!%me O" Se&&er*.

<B. #he 3< $air 6ab%r Standard* +!t Created #he $ir*t =.S. ent C%ntr%& 6a'.

<;. #he $ir*t =.S. inimum Wa(e Wa* Set +t 25 Cent* +n ?%ur.

<<. #he =.S. inimum Wa(e )id 8%t Chan(e #hr%u(h%ut #he <0* +nd 0*.

<. +&& =.S. W%rker* +re C%1ered =nder #he =.S. inimum Wa(e 6a'.

0. S%me State* Ena!t #heir O'n inimum Wa(e 6a'*.

. #he Quantity O" ?%u*in( )emanded )%e* 8%t Chan(e When ri!e* n!rea*e,e!au*e e%p&e ?a1e #% 6i1e S%me'here.

2. n #he Sh%rt-un #he Supp&y O" ?%u*in( Can n!rea*e Qui!k&y.

7/21/2019 ECO 405 Week 3 Quiz


3. + ri!e Cei&in( u*t ,e Set +b%1e EFui&ibrium #% ?a1e +ny E""e!t On #hearket $%r ?%u*in(.

4. ent C%ntr%&* e*u&t n &&e(a& ayment* #% +!Fuire ?%u*in(.

5. ent C%ntr%&* )e!rea*e enter*D ?%u*in( Sear!h C%*t*.

B. ent C%ntr%&* 6ead #% n!rea*ed C%mmutin(.

;. B O" #he 0 Citie* With #he ?i(he*t ?%me&e**ne** ?a1e ent C%ntr%& 6a'*.

<. ent C%ntr%&* Create r%"it n!enti1e* #% n!rea*e #he Supp&y O" enta&?%u*in(.

. inimum ?%u*in( Standard* re1ent +ny r%perty )eteri%rati%n n entC%ntr%&&ed ?%u*in(.

00. ent C%ntr%&* e*u&t n + i*a&&%!ati%n O" e*%ur!e*.

7/21/2019 ECO 405 Week 3 Quiz


0. #he aN%rity O" ndi1idua&* Supp%rt #he inimum Wa(e.

02. #he inimum Wa(e +&&%'* +n ndi1idua& #% Earn En%u(h #% Jeep + $ami&yO" #hree +b%1e #he %1erty 6ine.

03. ent C%ntr%&* 6ead #% ?%u*in( Sh%rta(e*.

04. ent C%ntr%&* 6ead #% C%n1er*i%n O" enta& ?%u*in( #% C%mmer!ia& =*e*.

05. ent C%ntr%&* ake ?%u*in( %re +!!e**ib&e #% ?%me&e** ndi1idua&*.

0B. #he )emand $%r + r%du!t * + )eri1ed )emand.

0;. " 0 W%rker* r%du!e 00 =nit* O" Output +nd W%rker* r%du!e 0< =nit*O" Output #he ar(ina& r%du!t O" #he th W%rker * <.

0<. " +&& =nit* O" + $irmD* Output Se&& $%r 0 Ea!h ar(ina& e1enue *C%n*tant.

7/21/2019 ECO 405 Week 3 Quiz


0. #he +dditi%na& e1enue + $irm e!ei1e* +* + e*u&t O" ?irin( +n +dditi%na&W%rker * rp.

0. 6imited +m%unt* O" Capita& E1entua&&y 6ead #% )imini*hin( eturn* #% 6ab%r.

. + $irmD* ar(ina& e1enue Cur1e * +&*% t* )emand Cur1e.

2. +* #he Wa(e n!rea*e* #he Quantity O" 6ab%r +n ndi1idua& Supp&ie* Wi&&n!rea*e.

3. +* #he Wa(e n!rea*e* #he Quantity O" 6ab%r +n ndi1idua& Supp&ie* ay)e!rea*e.

4. " + W%rker W%rk* %re +* #he Wa(e n!rea*e* #he Sub*tituti%n E""e!t *)%minatin(.

5. " + W%rker W%rk* %re +* #he Wa(e n!rea*e* #he n!%me E""e!t *)%minatin(.

B. " #he Supp&y O" 6ab%r Cur1e * %*iti1e&y S&%ped #he Sub*tituti%n E""e!t *)%minatin(.

7/21/2019 ECO 405 Week 3 Quiz


;. " #he Supp&y Cur1e O" 6ab%r * %*iti1e&y S&%ped #he n!%me E""e!t *)%minatin(.

7/21/2019 ECO 405 Week 3 Quiz


<. E1iden!e ndi!ate* #he Supp&y Cur1e O" 6ab%r * %*iti1e&y S&%ped.

. + Surp&u* O" 6ab%r * =nemp&%yment.

20. #eena(er* +re #he @r%up %*t 6ike&y #% W%rk $%r inimum Wa(e.

2. W%rkin( $%r #he inimum Wa(e r%1ide* a&uab&e On-#he->%b-#rainin(.

22. #he inimum Wa(e n 200< Wa* +ppr%imate&y 3;I O" +1era(e Earnin(*.

23. #he inimum Wa(e * 00I O" #he %1erty 6e1e&.

24. + 0I n!rea*e n #he inimum Wa(e * E*timated #% n!rea*e #eena(e=nemp&%yment ,y 5I.

25. $irm* Can O""*et n!rea*ed Wa(e C%*t* )ue #% +n n!rea*e n #he inimumWa(e ,y n!rea*in( E""i!ien!y.

7/21/2019 ECO 405 Week 3 Quiz


2B. E1iden!e ndi!ate* #he inimum Wa(e ?a* 6itt&e E""e!t On #he n!%me)i*tributi%n.

2;. #he Supp&y O" 6ab%r * ery e*p%n*i1e #% Chan(e* n #he Wa(e.

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ECO 405 Week 3 Quiz