Exam 4: Labor and Financial Markets

Other things being equal, a _______ supply of workers tends to _______ real wages.

The imposition of a price ceiling on a market often results in:

Table 5-1 -Refer to Table 5-1. Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then:

Since Baltimore passed the first _______ in 1994, several dozen cities enacted similar laws in the late 1990s and into the 2000s.

If the demand for software engineers_______slower than does supply, then wages of software engineers will _______.

Improvements in the productivity of labor will tend to:

Markets tend toward equilibrium and, as a result, will tend to eliminate shortages and surpluses. Why?

The United States has approximately _______ credit card holders.

When consumers and businesses have greater confidence that they will be able to repay in the future, _______.

Many states do have _______, which impose an upper limit on the interest rate that lenders can charge.

Table 5-1 -Refer to Table 5-1. If D1 and S1 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are _______ and _______, respectively.

Which of the following results in a rightward shift of the market demand curve for labor?

The "law of supply" functions in labor markets; that is, a higher _______ for labor leads to a higher quantity of labor supplied.

Are markets always in equilibrium?

As the text suggests, the demand and supply model predicts that the new computer and communications technologies will raise the pay of high-skill labor but reduce the pay of low-skill labor. Explain how this works using the four-step process.

Table 5-1 -Refer to Table 5-1. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D1 to D2, then:

In the United States, a typical credit card interest rate ranges from _______ per year.

If labor demand is downward sloping and labor supply is upward sloping, then when labor demand rises faster than labor supply, it is expected that real wages _______.

A more efficient means of processing algae to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:

How do apple growers react to the news of medical research findings that suggest that eating apples leads to greater health benefits than were previously known?