Econ Practice Exam 2

Econ Practice Exam 2 - Economics 1B-0C B.P. Rosario Fall...

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Economics 1B-0C B.P. Rosario Fall 2006 MT1 - Version A Name (Please Print): Student Number: Section #:________ TA: __________________________________ Scores: Part I:______________________ Part II: _____________________ Total: ______________________ Please Note: 1. Succinct responses are strongly encouraged. Any erroneous or too much irrelevant information will count against you. Therefore, you will not receive full credit if you provide a complete correct answer but also include erroneous or too much irrelevant information. No credit will be given to answers that do not address the question. 2. Show all your work. Make sure you show all equations used in each calculation. Answers without supporting calculations will receive very little credit. 3. For most questions, you are given a lot more space than you really need . Version 2 Page 1
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1. Which of the following best explains how employment can increase at the same time as the real wage is decreasing? A) The labor supply and demand curves both shift to the left; however, the shift in the labor supply curve is greater than the shift in the labor demand curve. B) The labor supply and demand curves both shift to the left; however, the shift in the labor demand curve is greater than the shift in the labor supply curve. C) The labor supply and demand curves both shift to the right; however, the shift in the labor supply curve is greater than the shift in the labor demand curve. D) The labor supply and demand curves both shift to the right; however, the shift in the labor demand curve is greater than the shift in the labor supply curve. E) A rightward shift of the labor demand curve and a movement along the labor supply curve occur. 2. Suppose there is a large increase in the number of workers migrating to a particular country. For that particular country, this is likely to A) cause an upward movement along the labor supply curve as more workers are available for work. B) cause a rightward shift of the labor demand curve as the supply of workers increases and firms can pay lower wages. C) cause a rightward shift of the labor demand and labor supply curves as more workers are willing to work and firms can pay lower wages. D) cause a leftward shift of the labor demand curve as the supply of workers increases and firms can pay lower wages. E) cause a rightward shift of the labor supply curve as more workers are willing to work at any given wage. 3. According to the job-rationing explanation of unemployment, if there is unemployment, A) the real wage will increase to the equilibrium level. B) the number of people employed will decline to the equilibrium level.
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This note was uploaded on 12/07/2009 for the course ECON 19993 taught by Professor Helms during the Spring '09 term at UC Davis.

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Econ Practice Exam 2 - Economics 1B-0C B.P. Rosario Fall...

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