1. The compensating wage differential shows a labor supply curve for a risky occ
ID: 1223891 • Letter: 1
Question
1. The compensating wage differential shows a labor supply curve for a risky occupation located to the ____ of the labor supply curve for a less risky occupation. If the differential is too low, a ____ would prevail in the risky occupation.
a.
Left; price ceiling
b.
Right; surplus
c.
Right; shortage
d.
Left; shortage
e.
Left; surplus
Table 3.4
Table 3.4
Price
Quantity Demanded
Quantity Supplied
$45
$50
$55
$60
$65
$70
350
300
250
200
150
100
0
5
50
100
150
200
Refer to Table 3.4. At a price of $45,
a.
we would expect the amount purchased to fall because of a surplus equal to 350 units.
b.
350 units of the commodity are supplied.
c.
we would expect the price to rise because of a shortage equal to 350 units.
d.
we would expect the price to fall because of a shortage equal to 350 units.
e.
none of the commodity is demanded.
Quotas have the effect of
a.
Decreasing supply, raising price, and increasing quantity
b.
Increasing supply, decreasing price, and increasing quantity
c.
Increasing demand, raising price, and raising quantity
d.
Decreasing demand, decreasing price, and decreasing quantity
e.
Decreasing supply, raising price, and lowering quantity
Table 3.2
Table 3.2
Price
Quantity Demanded
Quantity Supplied
$0
$1
$2
$3
$4
$5
$6
24
20
16
12
8
4
0
0
2
4
6
8
10
12
In Table 3.2, the equilibrium price is
a.
$1.
b.
$2.
c.
$3.
d.
$4.
e.
$5.
Rent control is
a.
a situation where a price ceiling exists.
b.
a situation where a price floor exists.
c.
the same as a subsidy to landlords.
d.
the same as a minimum wage.
Table 3.3
Table 3.3
Price
Quantity Demanded
Quantity Supplied
$0
$1
$2
$3
$4
30
25
20
15
10
0
10
20
30
40
In Table 3.3, if the price is $3, a ____ of ____ units will occur.
a.
surplus; 15
b.
shortage; 15
c.
surplus; 45
d.
shortage; 12
e.
surplus; 12
The U.S. economy has shifted from ____ to ____ over the past several decades.
a.
agrarian; industrialized
b.
services; manufacturing
c.
developing; industrialized
d.
manufacturing; industrialized
e.
manufacturing; services
Table 3.2
Table 3.2
Price
Quantity Demanded
Quantity Supplied
$0
$1
$2
$3
$4
$5
$6
24
20
16
12
8
4
0
0
2
4
6
8
10
12
In Table 3.2, if the price is $5, a ____ of ____ units will occur.
a.
surplus; 8
b.
shortage; 6
c.
surplus; 6
d.
shortage; 19
e.
shortage; 8
The market system is better than other systems because
a.
there is no need for a central planning authority
b.
buyers and sellers do not have to be coordinated
c.
all players act in their own self-interest
d.
inefficient producers shut down
e.
all of these
By imposing a ban on the use of trans fat in New York City restaurants, the government
a.
reduced Wall Street arbitrage in trans fats and other oils.
b.
stimulated demand for a black market in trans fat.
c.
lowered the price of restaurant meals in general.
d.
raised the cost of food that relied on trans fat.
e.
created a positive image of New York as a healthy environment.
Some Italian factories bring Chinese workers and raw materials to Italy, where these resources are used to make products sold under the label, "Made in Italy". This is an example of
a.
Human trafficking
b.
Labor differential
c.
Tax avoidance
d.
Unfettered market
e.
Specialization
In 2005, the U.S. Department of Labor estimated, based on trends noted in 2003 and 2004 that ____ jobs would be moved out of the U.S. by 2015.
a.
5 million
b.
2 million
c.
3 million
d.
1 million
e.
more than 7 million
Current unemployment for teenagers (between 16 and 19 years of age)
a.
is about 15%
b.
exceeds 60%
c.
is about 25%
d.
is about 40%
e.
is about 55%
A change in consumer tastes for low-carb food and a decrease in their preferences for low-fat meals does not lead to which of the following?
a.
A reduction in the value of resources used in low-carb food
b.
A decrease in the amount of resources used to produce low-fat meals
c.
An increase in the amount of resources used to produce low-carb food
d.
An inward shift of the demand curve for low-fat meals
e.
An outward shift of the demand curve for low-carb food
"Efficiency" means
a.
a producer is using the very best production techniques
b.
everyone pays his fair share
c.
those who cannot pay will not get any
d.
the consumer is always right
e.
All of these.
In a market system, resources flow from lower-valued uses to higher-valued uses because of
a.
comparative advantage.
b.
first come, first served.
c.
the consumer is always right.
d.
the desires of business to make a profit.
e.
the dictates of the government.
Table 3.3
Table 3.3
Price
Quantity Demanded
Quantity Supplied
$0
$1
$2
$3
$4
30
25
20
15
10
0
10
20
30
40
In Table 3.3, if the price is $1, a ____ of ____ units will occur.
a.
shortage; 45
b.
shortage; 15
c.
surplus; 15
d.
shortage; 12
e.
surplus; 12
a.
Left; price ceiling
b.
Right; surplus
c.
Right; shortage
d.
Left; shortage
e.
Left; surplus
Explanation / Answer
The compensating wage differential shows a labor supply curve for a risky occupation located to the ____ of the labor supply curve for a less risky occupation. If the differential is too low, a ____ would prevail in the risky occupation.
Quotas have the effect of
a.
Decreasing supply, raising price, and increasing quantity.
Current unemployment for teenagers (between 16 and 19 years of age)-
a.
is about 15%
A change in consumer tastes for low-carb food and a decrease in their preferences for low-fat meals does not lead to which of the following-
"Efficiency" means
.
a producer is using the very best production techniques
In a market system, resources flow from lower-valued uses to higher-valued uses because of
d.
the desires of business to make a profit.
In Table 3.3, if the price is $1, a ____ of ____ units will occur.
Ans-
b.
shortage; 15.
The market system is better than other systems because-
e.
all of these
a.
Decreasing supply, raising price, and increasing quantity.
Current unemployment for teenagers (between 16 and 19 years of age)-
a.
is about 15%
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.