Question 1

​Exhibit
  
-Refer to Exhibit. Which of the following situations is relevant to Case A?

Accepted Answer

A) Increases in income from other sources than employment 
B) Deteriorating job amenities 
C) People become willing to work fewer hours at a given wage 
D) New workers enter the labor force 
A) Increases in income from other sources than employment 
B) Deteriorating job amenities 
C) People become willing to work fewer hours at a given wage 
D) New workers enter the labor force D

Question 2

​Exhibit
The following lists possible capital investments that a business might pursue.
​
  
-Refer to Exhibit. If the interest rate is 5 percent, which projects would the business not invest in?

Accepted Answer

A) 1 
B) 2 
C) 3 
D) 4 
A) 1 
B) 2 
C) 3 
D) 4 B

Question 3

​Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at WS1U1B1AS1U1B0. Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.
  
-Refer to Exhibit. If the government was to impose a wage rate of WA on the computer software programming industry:

Accepted Answer

A) the imposed wage would have no effect on the market for computer programmers. 
B) a shortage of software programmers would result. 
C) a quantity of Q4 software programmers would be demanded in the marketplace. 
D) there would be pressure from market forces for the wage to fall. 
A) the imposed wage would have no effect on the market for computer programmers. 
B) a shortage of software programmers would result. 
C) a quantity of Q4 software programmers would be demanded in the marketplace. 
D) there would be pressure from market forces for the wage to fall. B

Question 4

​Exhibit
The following lists possible capital investments that a business might pursue.
​
  
-Refer to Exhibit. If the interest rate is 15 percent, how many projects would the firm invest in?

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

Question 5

​Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at WS1U1B1AS1U1B0. Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.
  
-Refer to Exhibit. If a wage rate of WA for teachers were imposed by the government on schools, the expected result would be:

Accepted Answer

A) a teacher shortage of Q3 - Q1. 
B) a teacher shortage of Q3 - Q2. 
C) a teacher surplus of Q2 - Q1. 
D) a teacher surplus of Q3 - Q1. 
A) a teacher shortage of Q3 - Q1. 
B) a teacher shortage of Q3 - Q2. 
C) a teacher surplus of Q2 - Q1. 
D) a teacher surplus of Q3 - Q1.

Question 6

​Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at WS1U1B1AS1U1B0. Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.
  
-Refer to Exhibit. If the law was to impose a wage rate of WA on the K-12 teachers market:

Accepted Answer

A) the quantity of K-12 teachers demanded would decrease. 
B) a surplus of K-12 teachers would soon result. 
C) a quantity of Q3 teachers would be supplied to the marketplace. 
D) all of the above would occur. 
A) the quantity of K-12 teachers demanded would decrease. 
B) a surplus of K-12 teachers would soon result. 
C) a quantity of Q3 teachers would be supplied to the marketplace. 
D) all of the above would occur.

Question 7

​Exhibit
The following lists possible capital investments that a business might pursue.
​
  
-Refer to Exhibit. How many projects would the firm invest in if the interest rate is 7 percent?

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

Question 8

​Exhibit
The following lists possible capital investments that a business might pursue.
​
  
-Refer to Exhibit. How many projects would the firm invest in if the interest rate is 5 percent?

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

Question 9

​Exhibit
The following lists possible capital investments that a business might pursue.
​
  
-Refer to Exhibit. If the interest rate is 8 percent, which projects would the business not invest in?

Accepted Answer

A) 1, 2, 3, and 4 
B) 1, 2, and 3 
C) 2 and 4 
D) 1 and 2 
A) 1, 2, 3, and 4 
B) 1, 2, and 3 
C) 2 and 4 
D) 1 and 2

Question 10

​Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at WS1U1B1AS1U1B0. Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.
  
-Refer to Exhibit. If the wage law was not enacted, the prevailing wage rate and quantity of labor in the marketplace for K-12 teachers at equilibrium would be:

Accepted Answer

A) WB and Q2, respectively. 
B) WA and Q2, respectively. 
C) WA and Q3, respectively. 
D) WB and Q1, respectively. 
A) WB and Q2, respectively. 
B) WA and Q2, respectively. 
C) WA and Q3, respectively. 
D) WB and Q1, respectively.

Question 11

​Exhibit
Several congressmen and senators have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at WS1U1B1AS1U1B0. Their aides, who were all excellent economics students, have returned with the results of an investigation into the matter, as portrayed below.
  
-Refer to Exhibit. If the wage law were enacted, in the market for computer programmers a ____ would result.

Accepted Answer

A) shortage of Q6 - Q5 
B) shortage of Q6 - Q4 
C) surplus of Q6 - Q5 
D) surplus of Q6 - Q4 
A) shortage of Q6 - Q5 
B) shortage of Q6 - Q4 
C) surplus of Q6 - Q5 
D) surplus of Q6 - Q4

Exhibit -Refer to Exhibit. Which of the following situations is relevant to Case A?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. If the interest rate is 5 percent, which projects would the business not invest in?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. If the interest rate is 15 percent, how many projects would the firm invest in?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. How many projects would the firm invest in if the interest rate is 7 percent?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. How many projects would the firm invest in if the interest rate is 5 percent?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. If the interest rate is 8 percent, which projects would the business not invest in?

Market Failure, Market Efficiency and Welfare

Elasticities

Market in Motion and Price Controls

Demand Supply and Market Equilibrium

Economics Eight Powerful Ideas and the Role and Method of Economics

International Finance

International Trade, Income Poverty and Health Care

Oligopoly and Strategic Behavior

Monopolistic Competition, Product Differentiation, Monopoly and Antitrust

Firms in Perfectly Competitive Markets

The Firm Production and Costs

Consumer Choice Theory

Filters

Exam 8: The Markets for Labor Capital and Land

​Exhibit -Refer to Exhibit. Which of the following situations is relevant to Case A?

​Exhibit The following lists possible capital investments that a business might pursue. ​ -Refer to Exhibit. If the interest rate is 5 percent, which projects would the business not invest in?

​Exhibit The following lists possible capital investments that a business might pursue. ​ -Refer to Exhibit. If the interest rate is 15 percent, how many projects would the firm invest in?

​Exhibit The following lists possible capital investments that a business might pursue. ​ -Refer to Exhibit. How many projects would the firm invest in if the interest rate is 7 percent?

​Exhibit The following lists possible capital investments that a business might pursue. ​ -Refer to Exhibit. How many projects would the firm invest in if the interest rate is 5 percent?

​Exhibit The following lists possible capital investments that a business might pursue. ​ -Refer to Exhibit. If the interest rate is 8 percent, which projects would the business not invest in?

Market Failure, Market Efficiency and Welfare

Elasticities

Market in Motion and Price Controls

Demand Supply and Market Equilibrium

Economics Eight Powerful Ideas and the Role and Method of Economics

International Finance

International Trade, Income Poverty and Health Care

Oligopoly and Strategic Behavior

Monopolistic Competition, Product Differentiation, Monopoly and Antitrust

Firms in Perfectly Competitive Markets

The Firm Production and Costs

Consumer Choice Theory

Filters

Exhibit -Refer to Exhibit. Which of the following situations is relevant to Case A?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. If the interest rate is 5 percent, which projects would the business not invest in?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. If the interest rate is 15 percent, how many projects would the firm invest in?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. How many projects would the firm invest in if the interest rate is 7 percent?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. How many projects would the firm invest in if the interest rate is 5 percent?

Exhibit The following lists possible capital investments that a business might pursue. -Refer to Exhibit. If the interest rate is 8 percent, which projects would the business not invest in?