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Intro to Microeconomics Practice Questions.
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Intro to Microeconomics Practice Questions.
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MICROECONOMICS PRACTICEQUESTIONS
Short Response
1. Economic laws have been true throughout human history. As an example, consider the
following passage, from Professor Samaddar’s lectures on the economy of Ancient India:
“Weaving in India has been encouraged from time immemorial... As is the case
now-a-days, labourers working overtime were given extra payment... and
special rewards were given for working on holidays.” (p.117)
Using a supply and demand diagram in the market for labour, clearly explain
why Indian workers working overtime or during holidays were paid extra. (15%)
The demand curve will shift rightward due to which equilibrium price and
quantity, both will rise. This shows that the workers will have to be paid more
during overtime and holidays, since the labour supply decreases during those
times, pushing up the wage rates.
, 2.During the Great Plague of 1665 in London, medical experts claimed that smoking tobacco would
prevent a person from catching the disease. Even school children were ordered to smoke during class,
and one boy at Eton was whipped for refusing to smoke. What effect did this have on the market
for tobacco? Use a supply and demand diagram to explain. (15%)
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