Econ Homework

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ECN 212 Homework Set #3 – Dr. Roberts

Homework Set #3 is due in the Lab no later than Friday, April 5, 2013. The early submission deadline is Tuesday, April 2. Early submissions will receive 2 extra credit points. Late Homework will not be accepted under any circumstances. Answers must be submitted on a General Purpose NCS Answer Sheet No. 229633 available in the ASU Bookstore. The Answer Sheet must be completed in pencil and contain your name and 10 digit ASU Identification Number.

1.In the figure above, a monopsony will pay the wage rate

a.W1 and hire Q1.

b.W3 and hire Q1.

c.W2 and hire Q2.

d.W1 and hire Q3.

e.W1 and hire Q2.

2.In the figure above, if this were a competitive labor market they would pay the wage rate

a.W2 and hire Q2.

b.W3 and hire Q1.

c.W1 and hire Q3.

d.W1 and hire Q2.

e.W1 and hire Q1.

3.In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a competitive labor market hire?

a.A quantity less than Q1

b.Q1

c.Q3

d.None

e.Q2

4.In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a monopsonist hire?

a.Q3

b.A quantity less than Q1

c.Q2

d.Q1

e.None

5.Which of the following statements best illustrates the relationship between the market for products and the market for resources?

a. As income rises, people demand relatively smaller amounts of food.

b.An increase in demand for new homes will increase the demand for construction workers.

c.An increase in the price of cameras will decrease the demand for film.

d.An increase in the price of butter will cause more people to buy margarine.

e. A decrease in demand for tea will increase the demand for coffee.

6.Which of the following variables is least likely to affect the demand for a resource?

a.The prices of substitute resources

b.The availability of substitute resources

c.The demand for the final good

d.The price of the final good

e.The availability of the resource

7.In the figure above, a shift from S1 to S2 might be caused by

a.an increase in the demand for labor.

b.a minimum wage set at W4.

c.a decrease in the non monetary benefits.

d.an increase in the wage rate.

e.a decrease in the wage rate.

Number of Workers Output per Hour Price of the Product

0 0 $3

1 7 3

2 12 3

3 15 3

4 17 3

5 18 3

8.According to the table above, if the wage rate is $9 per hour, what is the total revenue generated when firm hires the optimal number of workers?

a.$3

b.$9

c.$15

d.$45

e.$54

9.According to the table above, the marginal revenue product of the

a.fourth worker is $68.

b.third worker is $3.

c.fifth worker is $3.

d.second worker is $12.

e.first worker is $3.

10.After hiring 15

1 unit

s of the variable input, labor, a firm determines the MFC to be $.33 and the MRP to be $.30. The firm should

a.increase the output of its product.

b.Cannot be determined from the information given.

c.increase the use of labor.

d.produce 151 units.

e.decrease the use of labor.

11.In the graph above, if comparable worth doctrine sets the wage rate in market A and market B at $18, then

a. both markets would be in equilibrium.

b. there would be a surplus of workers in both markets.

c.there would be a shortage of workers in market A and a surplus of workers in market B.

d.there would be a shortage of workers in market B and a surplus of workers in market A.

e. there would be a surplus of workers in market B and equilibrium in market A.

12.Economists have identified plausible explanations for labor market discrimination. Which of the following captures the essence of what economists believe?

a.There is an overwhelming amount of statistical discrimination but essentially no personal prejudice in the work force today.

b.There is an overwhelming amount of personal prejudice but essentially no statistical discrimination in the work force today.

c.Labor market discrimination is most likely caused by either personal prejudice or statistical discrimination.

d. Economists do not believe labor market discrimination actually exists.

e.Labor market discrimination was outlawed in the early 1980’s; therefore, it has been eliminated.

13.Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than rural students. The colleges decide to admit only students applying from rural areas. This policy could be referred to as

a.employer discrimination.

b.statistical discrimination.

c.employee discrimination.

d.consumer prejudice.

e.productivity bias.

14.In the figure above assume that both macro- and microeconomists must be paid $15 because of comparable worth laws. The level of employment for macro- and microeconomists respectively is

a.50, 90.

b.60, 100.

c.50, 110.

d.60, 110

e.50, 100.

15.In the figure above, assume that both micro- and macroeconomists must be paid the same because of comparable worth laws. If the wage is $12, then there is

a.a shortage of macroeconomists and microeconomists.

b.an equilibrium in the labor market for economists.

c.a shortage of macroeconomists and a surplus of microeconomists.

d.a shortage of microeconomists and a surplus of macroeconomists.

e.a surplus of macroeconomists and microeconomists.

16Comparable worth is derived from the view that pay should be based on

a.the degree of occupational segregation in a labor market.

b.the supply and demand for different types of labor.

c.only the demand side of the labor market.

d.only the supply side of the market.

e.the characteristics of the job.

17.When regulating a natural monopoly, government officials face a dilemma in that

a.marginal cost pricing will result in a price higher than consumers are willing and able to pay.

b.pricing at technological efficiency will force the firm to take economic losses.

c.long run average total costs are constantly increasing.

d.a subsidy to the monopoly is needed to make the firm profitable.

e.none of the above are true.

18.One proposal for solving the social security problem is privatization. The countries that have privatized their social security systems have found

a. that people find they do not have enough savings to retire.

b.that the returns people have received are more than what they would have received from the government.

c. that people are foolish with their investments.

d.that the returns people have received are less than what they would have received from the government.

e.that people use so many resources trying to make the correct investment that they lose their jobs.

19.The greatest share of spending on hospital care and nursing homes goes for the care of

a.the elderly.

b.drug addicts.

c.mental patients.

d.people living below the poverty limit.

e.AIDS patients.

20.The Lorenz curve shows __________ within a society.

a.the per capita annual income of individuals

b.the quality of life of the poor

c.the absolute level of income

d.how equitable the distribution of income is

e.the income distribution

21.Refer to the figure above. Assume that GDP in Country A and Country B are identical. The poorest 20 percent of country A’s population receives

a.half as much total income as the poorest 20 percent of country B’s population.

b.less total income than the poorest 20 percent of country B’s population.

c.the same as country B’s richest 20 percent.

d.the same total income as the poorest 20 percent of country B’s population.

e.more income than the poorest 20 percent of country B’s population.

22.The most unequal distribution of income is found in

a.formerly communist countries.

b.less developed countries.

c.OPEC countries.

d.Pacific Rim countries.

e.the United States.

23.Suppose, as a policymaker, that you could order a single change to reduce the incidence of poverty. Which of the following changes is most likely to be effective?

a.Engineering a sustained period of economic growth

b.Reducing, if not eliminating, the minimum wage

c.Increase taxes on the rich and redistribute it to the poor.

d.Streamlining governmental regulations to ease the burden on business

e.Winning the war on crime and illegal drug use

24.If the marginal product of a worker is 10 and the marginal revenue product is $20, the marginal revenue must be

$5.

$2.

$20.

$200.

$10.

25. Consider the table above. Assume that the resource and output markets are both perfectly competitive. The equilibrium price of the resource is $17.50 and the equilibrium price of the product is $0.50. How many units of the resource will be hired by a profit maximizing firm?

1 unit

2 units

3 units

4 units

e) Not enough information provided.