Multiple choice questions in assessment and learning

Economics

Multiple Choice Questions

Two Workers

Four Workers

As the price increased the demand for apple pickers increased from two to four. The demand curve needs to be moved to show the 50% increase.

Three Workers

Sweaters per year

$750 per year

The firm faces increasing marginal factor costs

For a given output quantity, the cost minimizing combination of inputs occurs when the increased output achieved by spending an additional dollar on any factor is the same

More elastic than

The LS line must be moved down to show less labor supply. IF this move also decreases the wages then this is what you want, if it doesn't them move the wage line down as well.

Decrease the union wage rate in labor demand in inelastic and increase the wage rate if labor demand is elastic

B. Shifting the labor supply curve to the right by actively training new high school graduates to do complex tasks

The lines need to be adjusted so that the point where the two lines meet is at the $16 per hour wage rate

3.2 Change the wage rate from $12 to $16 and see what number appears in the excess supply box, this is the answer.

3.3 Change the wage rate from $12 to $16 and then add $4 to the pro-union advertising box and then see what number appears in the excess supply labor box, this is the answer.

4.0 D. Upward slopping; above

5.1 The lines need to be moved to show a decrease in quantity and an increase in price.

5.2 The lines need to be moved to show an increase in quantity and a decrease in price.

5.3 A. Increase; decrease

6.0 D. All of these arguments provide reasons for why productivity could be higher for union workers.

1.1 D. Hungry

1.2 Plot each Quintile number one through four for each country using the appropriate color for each country.

1.3 D. Brazil

2.0 C. The ratio of the total income of the lowest quintile of the income distribution to the total income of the highest quintile of the income distribution in higher in France than in Germany.

3.0 A. Workers are being paid too little in this labor market, and the best way to rectify this is to train them to be more productive.

4.1 B. 40%

4.2 C. High school students, retirees, undergraduates, graduates, professors

4.3 C. There is not enough information to make a conclusion.

5.1 D. No evidence of

5.2 D. 40%

5.3 B. 20%

1.0 B. Risk of default

2.0 B. RNE should buy the machine, because it will last forever and, since it generates an extra

$1,000 per year it will pay for itself in ten years.

3.1 The supply lines needs to be moved to show a decrease in demand as the price increases which will cause the interest rates to also increase.