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MSSU ECON 0201 Quiz 2 (2014) Graded

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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 aboveQuestion 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 aboveQuestion 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 ExchangeQuestion 90 out of 5 points One reason that helps to explain the law of demand is the law of Answers: diminishing marginal utility. diminishing marginal returns. increasing opportunity costs. supply.Question 100 out of 5 points Exhibit 3-12-----------------------------Quantity Supplied --------------------------------------Price Aline Bentley Calvin Daniel Market$6 20 21 8 0 (A)7 22 23 10 4 (B)8 24 25 13 9 (C)9 26 27 17 14 (D)10 28 29 22 20 (E)11 30 31 32 38 (F) Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market.Refer to Exhibit 3-12. Fill in blanks (C) and (D) respectively with the market quantity supplied at each given price. Answers: 17.75, 21.00 47, 52 50, 55 71, 84 none of the aboveQuestion 115 out of 5 points An advance in technology causes Answers: a rightward shift in the supply curve. a leftward shift in the supply curve. the supply curve to go from upward sloping to vertical. the supply curve to go from vertical to upward sloping.Question 125 out of 5 points If the demand curve for a good shifts leftward, Answers: quantity demanded is less at each price. quantity demanded remains constant at each price. quantity demanded is greater at each price. demand is greater at each price.Question 135 out of 5 points At a price for which quantity demanded exceeds quantity supplied, a __________ is experienced, which pushes the price __________ toward its equilibrium value. Answers: surplus, downward surplus, upward shortage, downward shortage, upwardQuestion 145 out of 5 points Given that frozen yogurt and ice cream are substitutes, a shift in preferences in favor of yogurt would be predicted to do all of the following EXCEPT Answers: raise the equilibrium price of frozen yogurt. increase the quantity supplied of frozen yogurt. increase the supply of ice cream. increase the demand for frozen yogurt.Question 155 out of 5 points Exhibit 3-6Refer to Exhibit 3-6. If D1 is the relevant demand curve, a decrease in the price of good X may cause Answers: demand to shift from D1 to D2. demand to shift from D1 to D3. a movement along D1 from point A to point B. a movement along D1 from point A to point C.Question 165 out of 5 points Exhibit 5-4Refer to Exhibit 5-4. If television studio executives choose to charge a price of PB to view the taping of all shows, they will find that there is a shortage of tickets to view the taping of show ___________ and a surplus of tickets to view the taping of show ______________. Answers: A, C C, A B, A B, CQuestion 170 out of 5 points The demand to attend a certain college is represented by a downward-sloping demand curve. The supply of spots at the college is represented by a vertical supply curve. At the tuition that students are charged, there is a shortage of spots at the college. If the demand to attend the college rises, but the tuition stays constant, it follows that the Answers: GPA required to attend the college will probably rise. GPA required to attend the college will probably fall. SAT score required to attend the college will probably not change. a and c There is not enough information to answer this question.Question 185 out of 5 points If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats. Answers: greater, higher than less, higher than greater, lower than less, the same asQuestion 195 out of 5 points Suppose that a television studio has two shows, X and Z, and that tickets for viewing the taping of each show is free. The equilibrium price for a ticket to view the taping of show X is $25 and the equilibrium price for a ticket to view the taping of show B is -$20. It is likely that tickets to show ________ will need to be rationed on a first-come-first-served basis, while the producers of show ________ will have a much more difficult time filling the seats in the studio since the equilibrium price for tickets to that show is a __________ dollar amount. Answers: Z, X, positive Z, X, negative X, Z, positive X, Z, negativeQuestion 205 out of 5 points If patients were allowed to sue their HMO, we would expect Answers: the demand curve for health care services provided by the HMO to shift to the left and the price of HMO-provided health care coverage to fall. the supply curve for health care services provided by the HMO to shift to the left and the price of HMO-provided health care coverage to rise. the supply curve for health care services provided by the HMO to shift to the right and the price of HMO-provided health care coverage to fall. a and b none of the above

 

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