15 May WHICH OF THE FOLLOWING IS PARTIALLY RESPONSIBLE FOR THE MALE-FEMALE WAGE GAP IN THE UNITED STATES?
An increase in demand caused by a strong national advertising campaign would
A. Raise price and raise quantity demanded
B. Lower price and raise quantity demanded
C. Lower price and lower quantity demanded
D. Raise price and lower quantity demanded
4 points
QUESTION 2
The key principle of economics that states that the cost of something is equal to what is sacrificed to get it, is known as the
A. Marginal principle
B. Principle of diminishing returns
C. Principle of opportunity cost
D. Real / nominal principle
4 points
QUESTION 3
A market characterized by a few large sellers serving the entire market and acting strategically is
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
4 points
QUESTION 4
Determining their product has a price elasticity of 2, a company could
A. Increase revenue by increasing price
B. Increase revenue by reducing price
C. Not change revenue by changing price
D. Change revenue by some means other than changing price
4 points
QUESTION 5
According to the substitution effect of labor supply, when the wage rate goes up:
A. it becomes more costly to consume leisure, so people will work more.
B. it becomes less costly to consume leisure, so people will work more.
C. the opportunity cost of enjoying leisure goes down.
D. firms will hire more workers since people are more willing to work.
4 points
QUESTION 6
If the price of output increases the labor ________ curve shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
4 points
QUESTION 7
Which of the following is partially responsible for the male-female wage gap in the United States?
A. Women have, on average, less education than their male counterparts.
B. Women have, on average, less work experience than their male counterparts.
C. Women have been denied access to many occupations, leading to increased supply in a few occupations.
D. All of the above are correct.
4 points
QUESTION 8
College students who increase their human capital by acquiring the skills required for certain occupations typically earn higher incomes than high school graduates. This is called:
A. the learning effect of a college education.
B. the signaling effect of a college education.
C. the discriminatory effect of a college education.
D. none of the above
4 points
QUESTION 9
A craft union is an organized group of workers that:
A. work in various industries with a variety of skills.
B. work in a particular industry with a variety of skills.
C. work in various industries with similar skills.
D. work in a particular industry with similar skills.
4 points
QUESTION 10
Labor unions act to affect labor markets by
A. collectively negotiating wages.
B. controlling the supply of labor.
C. acting as a single demander of labor.
D. Both A and B.
4 points
QUESTION 11
The Wagner Act:
A. guaranteed workers the right to join unions.
B. gave government power to stop strikes that endanger the national health or safety.
C. allowed states to pass right-to-work laws.
D. union members the right to fair elections of union officials.
4 points
QUESTION 12
The basic trade-off that unions make when negotiating wages is the trade-off between
A. higher wages and fewer jobs.
B. higher wages and safer working conditions.
C. shorter hours and fewer jobs.
D. higher wages and shorter hours.
4 points
QUESTION 13
A market with a single buyer is called:
A. a monopsony.
B. a monopoly.
C. efficient.
D. competitive.
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