unit 4 milestone 4.pdf - Sophia Welcome Score 12/20 You...

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2/5/2021 Sophia :: Welcome 1/10 UNIT 4 — MILESTONE 4 Score 12/20 You passed this Milestone 12 questions were answered correctly . 8 questions were answered incorrectly . 1 Which of the following statements best describes the minimum wage? It is a price ceiling that decreases producer surplus as compared to the free market equilibrium price and output. It is a price ceiling that decreases consumer surplus as compared to the free market equilibrium price and output. It is a price floor that decreases producer surplus as compared to the free market equilibrium price and output. It is a price floor that decreases consumer surplus as compared to the free market equilibrium price and output. CONCEPT Welfare Analysis 2 A good that a producer can prevent a consumer from using by charging a price is __________. a private good that is excludable
2/5/2021 Sophia :: Welcome 2/10 a public good that is non-rivalrous a public good that is excludable a private good that is non-rivalrous CONCEPT Public Goods, Private Goods, and the “Tragedy of the Commons” 3 If William quit his office job and is now looking for a position teaching English overseas, what type of unemployment would he be experiencing? Cyclical Seasonal Frictional Structural CONCEPT Assessing Costs of Unemployment--Labor Economics 4 Which of the following best describes externalities? The result of politicians acting as utility maximizers An example of a moral hazard The result of information failure and hamper cost-benefit analysis
2/5/2021 Sophia :: Welcome 3/10 Third party costs or benefits that skew the correct market equilibrium CONCEPT Details on Regulatory Intervention and Market Failure 5 Joe owns an electrical company that specializes in work on custom homes.

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