03 Jun Question Review Test Submission: Quiz 2ContentInstructions
Question
Review Test Submission: Quiz 2ContentInstructions This quiz covers chs 3-5 and has 20 questions. You will have 30 minutes to complete the quiz and the highest score of your two attempts will count toward your final grade.
Question 15 out of 5 points Exhibit 4-1Refer to Exhibit 4-1. The number of units exchanged at the price ceiling is :
75.
125.
175.
100.
Question 20 out of 5 points The minimum wage is an example of a Answers: price door.
price wall.
price floor.
price ceiling.
Question 30 out of 5 points Price serves as a Answers: rationing device.
transmitter of information.
means of determining who gets what of the available limited resources and goods.
a and b
all of the above
Question 45 out of 5 points If the minimum wage law sets a price floor above the equilibrium wage in the market for unskilled labor, then the Answers: minimum wage will create a surplus of unskilled labor.
minimum wage will create a shortage of unskilled labor.
minimum wage will not impact the unskilled labor market.
unskilled labor market will change, but we cannot be certain how.
Question 50 out of 5 points Exhibit 4-3Refer to Exhibit 4-3. If price P1 is a price floor, then Answers: the quantity exchanged is Q1.
there is a surplus in the market for good X.
it is the lowest price that can legally be charged in the market for good X.
both b and c
all of the above
Question 65 out of 5 points An increase in the number of sellers will, ceteris paribus, Answers: increase equilibrium price and quantity.
increase equilibrium price and decrease equilibrium quantity.
decrease equilibrium price and increase equilibrium quantity.
decrease equilibrium price and quantity.
increase demand.
Question 75 out of 5 points If computers and software are complements, then Answers: a fall in the price of computers will increase the demand for software and, ceteris paribus, the price of software will rise.
a rise in the price of computers will decrease the demand for software and, ceteris paribus, the price of software will rise.
a fall in the price of computers will decrease the demand for software and, ceteris paribus, the price of software will fall.
a rise in the price of software will increase the demand for computers and, ceteris paribus, the price of computers will rise.
a fall in the price of software will decrease the demand for computers and, ceteris paribus, the price of computers will fall.
Question 80 out of 5 points Exhibit 3-11Units of Good X Maximum Buying Price Minimum Selling Price Result1st $12 $6 (A)2nd 11 7 (B)3rd 10 8 (C)4th 9 9 (D)5th 8 10 (E)6th 7 11 (F) Refer to Exhibit 3-11. Fill in blanks (A) and (B) respectively with “Exchange” or “No Exchange” to indicate whether or not exchange would take place at the given prices. Answers: Exchange; Exchange
Exchange; No Exchange
No Exchange; Exchange
No Exchange; No Exchange
Question 90 out of 5 points One reason that helps to explain the law of demand is the law of Answers: diminishing marginal utility.
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