eco 405, quiz 3 , chapter 2 & 3…. 100% correct solutions

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  • China can be best described as a
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  • Question 2

    4 out of 4 points

      
    Correct
    The Law of Supply states that price and
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  • Question 3

    4 out of 4 points

      
    Correct
    The economy of the People’s Republic of China operated as a command economy
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  • Question 4

    4 out of 4 points

      
    Correct
    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.?
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  • Question 5

    4 out of 4 points

      
    Correct
    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
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  • Question 6

    4 out of 4 points

      
    Correct
    As the baby boom generation continues to age, what will happen to the equilibrium price and quantity of homes in retirement communities?
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  • Question 7

    4 out of 4 points

      
    Correct
    The Law of Demand states that price and
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  • Question 8

    4 out of 4 points

      
    Correct
    China's growth has been a result of
      

  • Question 9

    4 out of 4 points

      
    Correct
    From a standpoint of resource allocation, a surplus of corn implies
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  • Question 10

    4 out of 4 points

      
    Correct
    Markets that fall between pure competition and monopoly are called:
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  • Question 11

    4 out of 4 points

      
    Correct
    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
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  • Question 12

    4 out of 4 points

      
    Correct
    The Law of Demand suggests that
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  • Question 13

    4 out of 4 points

      
    Correct
    Which of the following is least consistent with the pure market economy?
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  • Question 14

    4 out of 4 points

      
    Correct
    Which of the following will cause demand to rise?
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  • Question 15

    4 out of 4 points

      
    Correct
    Which of the following descriptions fits the American economy best?
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  • Question 16

    4 out of 4 points

      
    Correct
    The marginal product of labor is the additional
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  • Question 17

    0 out of 4 points

      
     
    One of the earliest known rent control laws was instituted in which city and when?
     

  • Question 18

    4 out of 4 points

      
    Correct
    The additional revenue that accrues to a firm when an additional worker is hired is
      

  • Question 19

    4 out of 4 points

      
    Correct
    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 20

    4 out of 4 points

      
    Correct
    A maximum allowable price for a good or service is a
      

  • Question 21

    0 out of 4 points

     
    Price floors are often instituted for which of the following purposes?
      

  • Question 22

    4 out of 4 points

      
    Correct
    The additional revenue a firm receives as a result of selling an additional unit of output is called
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  • Question 23

    4 out of 4 points

      
    Correct
    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 marginal revenue for the last 10 units produced?
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    2

  • Question 24

    4 out of 4 points

      
    Correct
    Which of the following represents the demand curve for labor for a firm?
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  • Question 25

    4 out of 4 points

      
    Correct
    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 52nd
    worker?
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  • Question 26

    4 out of 4 points

      
    Correct
    If an increase in the wage rate from $6.00 per hour to $6.50 per hour causes a worker to decrease his hours worked from 40 to 35 hours per week, which effect dominates?
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  • Question 27

    4 out of 4 points

      
    Correct
    Which effect dominates if a workers supply curve for labor is negatively sloped?
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  • Question 28

    4 out of 4 points

      
    Correct
    A change in the hours of work that occurs in response to a wage change, other things equal, is known as the
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  • Question 29

    4 out of 4 points

      
    Correct
    As of summer 2009, the U.S. federal minimum wage is set at what rate per hour?
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  • Question 30

    4 out of 4 points

      
    Correct
    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 product of the 52nd worker?
    Selected Answer: 
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