100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECN 361 Topic 8 Quiz $24.49   Add to cart

Exam (elaborations)

ECN 361 Topic 8 Quiz

 14 views  1 purchase

1. Question: Government vouchersto purchasefood, alsoknownasfood stamps,are anexample of 2. Question: Ifthewagesofadentistincrease,whichofthefollowingstatementsisnottrue? 3. Question: Figure18-5RefertoFigure18-5.IftherelevantlaborsupplycurveisS2andthecurrentwageis 4. Question: Suppose that an in...

[Show more]

Preview 1 out of 4  pages

  • September 1, 2023
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (88)
avatar-seller
KnowledgeBase
Topic 8 Quiz
1. Government vouchers to purchase food, also known as food stamps, are an example of

a. permanent income.


b. a negative income tax.


c. life-cycle income.


d. an in-kind transfer.
Hide Feedback
Correct
Solution
Correct Response
d

2. If the wages of a dentist increase, which of the following statements is not true?

a. Her hours of labor supplied may decrease.


b. Her opportunity cost of leisure decreases.


c. Her opportunity cost of leisure increases.


d. Her hours of labor supplied may increase.
Hide Feedback
Incorrect
Solution
Correct Response
b

3.
Figure 18-5



Refer to Figure 18-5. If the relevant labor supply curve is S2 and the current wage is W1,
an increase in the minimum wage could restore equilibrium in the market.

the quantity of labor demanded exceeds the quantity of labor supplied.

there is a surplus of labor.

firms will need to raise the wage to restore equilibrium.




Hide Feedback
Correct
Solution
Correct Response
C



4. Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders
that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders?

a. Both wages and employment will decrease.


b. Both wages and employment will increase.


c. Wages will decrease, and employment will increase.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller KnowledgeBase. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $24.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$24.49  1x  sold
  • (0)
  Add to cart