02 Jun Question ECO 405 QUIZ 2• Question 1 China’s growth has bee
Question
ECO 405 QUIZ 2• Question 1 China’s growth has been a result of• Question 2 Markets that fall between pure competition and monopoly are called:• Question 3 A market with only one seller of a product that has no good substitutes is called• Question 4 Which of the following is least consistent with the pure market economy?• Question 5 As the baby boom generation continues to age, what will happen to the equilibrium price and quantity of homes in retirement communities?• Question 6 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• Question 7 Which of the following descriptions fits the American economy best?• Question 8 Two goods are said to be substitutes in consumption if• Question 9 As consumer incomes rise, the demand curve for Good X shifts to the right. Given this, Good X must be• Question 10 The Law of Supply states that price and• Question 11 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.?• Question 12 In a market economy,• Question 13 Since 1990, foreign investment in China has• Question 14 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)• Question 15 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• Question 16 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?• Question 17 To be effective, a price ceiling must be set• Question 18 As of summer 2009, the U.S. federal minimum wage is set at what rate per hour?• Question 19 The marginal product of labor is the additional• Question 20 Which effect dominates if a workers supply curve for labor is negatively sloped?• Question 21 One of the earliest known rent control laws was instituted in which city and when?• Question 22 Rent control laws will _____________ the search costs of potential renters.• Question 23 Which of the following measures the change in the hours of work that occurs when there is a change in income, other things equal?• Question 24 As the price of rental housing falls, which of the following occurs?• Question 25 Price floors are often instituted for which of the following purposes?• Question 26 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 52ndworker?• Question 27 The additional revenue a firm receives as a result of selling an additional unit of output is called• Question 28 The consequences of government intervention• Question 29 Price ceilings may be used on a selective basis to• Question 30 Research suggests that as the minimum wage is increased by 10%, the associated increase in the teenage unemployment rate is nearly
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