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# Test 2 answers version 1 - Econ 211 Section 08 Patrick...

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Econ 211 Section 08 VERSION 1 Patrick McLaughlin Test 2 : Choose the correct answer to each question and fill in the corresponding bubble on your answer sheet. There is only one answer to each question. There are 30 questions total; you have until the end of the period (10:45 AM) to finish. Good luck. 1. Total expenditures on a good is equal to a. The total supply b. The total demand c. The price times the quantity d. The height of the supply curve e. None of the above 2. The above figure shows the market for anti-freeze. The government imposes a sales tax on sellers. The amount of revenue the government collects from the tax is: 3. Suppose a tax is imposed on sellers. The more elastic the demand for a taxed item (hint: draw graphs), 4. If OPEC cuts oil production in order to increase their total revenue, they know that the demand for oil in the global market is

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5. In the above figure, which wage rate could be an effective (effective means has an effect; this is not the same as efficient) minimum wage in this labor market and what would be the resulting level of employment? a. A wage of W 2 and L 2 of labor would be employed. b. A wage of W 1 and L 2 of labor would be employed. c. A wage of W 2 and L 1 of labor would be employed. d. A wage of W 1 and L 1 of labor would be employed. e. None of the above 6. The above figure shows the market for blouses. The government decides to impose a sales tax on sellers. From the figure, which of the following must be true?

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Test 2 answers version 1 - Econ 211 Section 08 Patrick...

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