101 Listed - Midterm

101 Listed - Midterm - You are logged in as $ (Logout) You...

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You are logged in as $$$$$$$ ( Logout ) You are here CCO / ► ECONC101-50038 / ► Quizzes / ► Midterm Exam (1 attempt only - 50 questions, 2 points each, Chs 1-9, due by 7/14) / ► Review of attempt 1 Midterm Exam (1 attempt only - 50 questions, 2 points each, Chs 1-9, due by 7/14) Review of attempt 1 56970 Finis h review Started on Thursday, 10 July 2008, 12:01 PM Completed on Thursday, 10 July 2008, 01:18 PM Time taken 1 hour 16 mins Raw score 98/100 (98%) Grade 98 out of a maximum of 100 Question 1 Marks: 2 Which of the following determine individual income in a market economy? Choose one answer. a. The quantity of resources owned. b. The quality of resources owned. c. The prices of resources in the marketplace. d. All of the above. Incorrect Marks for this submission: 0/2.
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Question 2 Marks: 2 At any given rate of output, the difference between total cost and variable cost is: Choose one answer. a. Fixed cost. b. Implicit cost. c. Marginal cost. d. Profit per unit. Correct Marks for this submission: 2/2. Question 3 Marks: 2 A market shortage occurs when: Choose one answer. a. The quantity demanded exceeds the quantity supplied at a given price. b. The price is below equilibrium. c. People cannot buy all the goods and services that they are willing and otherwise able to buy. d. All of the above. Correct Marks for this submission: 2/2. Question 4 Marks: 2 The market supply of labor: Choose one answer. a. Is upward sloping. b. Refers to all of the hours people are willing to work at various wages. c. Shifts to the right when additional people enter the labor market. d. All of the above. Correct Marks for this submission: 2/2. Question 5 Marks: 2
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If the price is currently below the equilibrium price, the price will increase over time because: Choose one answer. a. A shortage exists at the old price. b. A surplus exists at the old price. c. There is a price floor. d. The quantity supplied has decreased. Correct Marks for this submission: 2/2. Question 6 Marks: 2 Unions influence a labor market by: Choose one answer. a. Attaining above-equilibrium wages for union members. b. Excluding some workers from the unionized market. c. Increasing the labor supply curve in the nonunion market. d. All of the above. Correct Marks for this submission: 2/2. Question 7 Marks: 2 Food stamps, public housing, and subsidized public education are examples of: Choose one answer. a. Free goods. b. Profit-sharing plans. c. In-kind income. d. Money income. Correct Marks for this submission: 2/2. Question 8 Marks: 2 Total output is the largest for which of the following countries? Choose one answer. a.
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Japan. b. China. c. Germany. d. United States. Correct Marks for this submission: 2/2. Question 9
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This note was uploaded on 11/13/2010 for the course HEAL HSCI/C101 taught by Professor Dr.rodriguez during the Spring '08 term at Citrus College.

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101 Listed - Midterm - You are logged in as $ (Logout) You...

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