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Unformatted text preview: ECO 304K: INTRODUCTION TO MICROECONOMICS Unique # 33645, Fall 2009, Prof. Wiseman Quiz 3 Select the single best answer for each question. 1. Legalizing the sale of kidneys would, according to your textbook's author, have which of the following effects? A. People in poor countries who would sell one of their kidneys would be made worse off by the transaction B. People in wealthy nations who need kidney transplants would be worse off since they would have to pay for an organ that previously was easily obtainable for free C. People would wait longer for kidney transplants since it would cost something to obtain a kidney D. More kidneys would be made available than when kidneys were obtained by donation 2. Which of the following is false about minimum wage regulations? A. In the United States, most working people are not directly affected by the minimum wage because their productivity and, hence, their wage rate is already well above the minimum wage B. Legislated wage increases labor's productivity and consequently lowers the costs of goods and services overall B....
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This note was uploaded on 02/14/2010 for the course ECO 304K taught by Professor Hickenbottom during the Spring '10 term at University of Texas at Austin.
- Spring '10