经济Midterm代考 Testname: ECON 102 PRAC

Testname: ECON 102 PRAC

经济Midterm代考 The graph illustrates the market for a product on which an excise tax has been imposed by government. How much of ……

Choose the one alternative that best completes the statement or answers the question.

Refer to the above graph. A monopsonist will set the wage at: 1) 经济Midterm代考

A) Wy.
B) Wz.
C) Wx.
D) Cannot be determined from the information given

Refer to the above graph. It shows a firm that buys its inputs and sells its output in competitive markets. If labor productivity decreases, the equilibrium level of employment for this firm is expected to be:

A) higher than L0. B) zero.

C) L0. D) lower than L0.

3)Other things being equal, a labor union will find it harder to get a wage increase for its members the:

A) easier it is to substitute other resources for labor.

B) less elastic is the demand for labor.

C) greater the amount of unionization in the industry.

D) less elastic is the demand for the product labor produces.

4) Which will not directly be a determinant of the price elasticity of demand for labor?

A) The elasticity of demand for the product it produces 经济Midterm代考

B) The price of labor

C) The substitutability of other resources for labor

D) The total cost of labor as a proportion of the total cost of producing units of output

5) An example of derived demand is the demand for:

A) new automobiles.

B) used automobiles.

C) foreign instead of domestic automobiles.

D) labor used to produce automobiles.

Refer to the above graph. What will shift D2 to D1? 经济Midterm代考

A)An increase in the price of a substitute input (if the substitution effect is greater thanthe output effect)

B) An increase in productivity

C) A decrease in the price of complementary input

D) A decrease in product demand

7) A government payment in the form of goods and services rather than money is a(n):

A) noncash transfer.

B) work incentive.

C) earned income tax credit.

D) benefit reduction.

8) About what percentage of Hispanics lived in poverty in 2016? 8)

A) 25 percent

B) 10 percent

C) 19 percent

D) 14 percent

9) As the area between the Lorenz curve and diagonal gets larger, the Gini ratio: 9) 经济Midterm代考

A) rises to reflect greater equality.

B) falls to reflect greater inequality.

C) rises to reflect greater inequality.

D) falls to reflect greater equality

10) All but which one of the following are cash transfer programs? 10)

A) Social Security

B) TANF

C) Subsidized public housing

D) Supplemental Security Income (SSI)

The graph illustrates the market for a product on which an excise tax has been imposed by government. What was the price of the product before the tax was imposed, and what is the price with the tax? 11)

A) $5 and $8, respectively

B) $8 and $11, respectively

C) $8 and $5, respectively

D) $11 and $8, respectively

12) The benefits-received principle of taxation is most evident in 12) 经济Midterm代考

A) inheritance taxes.

B) the corporate income tax.

C) excise taxes on gasoline.

D) the personal income tax.

13) Proprietary income refers to 13)

A) revenue generated by government-run businesses.

B) money borrowed by the government to finance its operations.

C) revenue flowing to the government from taxes.

D) transfer payments from the government to the owners of property resources.

14) The benefits-received principle of taxation is 14)

A) easy to apply because benefits received are conveniently measurable.

B) the principle behind the income tax system.

C) applied in income-redistribution programs.

D) the basis for the gasoline tax.

15)The following diagram is a flexible exchange market for foreign currency:

Other things equal, a rightward shift of the supply curve would: 15)

A) cause a surplus of euros.

B) appreciate the dollar.

C) appreciate the euro.

D) decrease the equilibrium quantity of euros.

16) Critics of trade adjustment assistance: 16)

A) claim that it increases the prices of goods, unfairly burdening consumers.

B)ask why companies struggling due to foreign competition deserve assistance overcompanies struggling for other reasons.

C) ask why jobs lost to trade should be privileged over jobs lost due to other factors.

D)argue that it props up domestic firms that should be allowed to fail so that thoseresources can be moved to move highly valued uses.

17) The increased-domestic-employment argument for tariff protection holds that: 17) 经济Midterm代考

A) an increase in tariffs will increase net exports and stimulate domestic employment.

B) an increase in tariffs will reduce net exports and stimulate domestic employment.

C) domestic inflation is a desirable policy goal because it stimulates exports.

D) domestic deflation is a desirable policy goal because it stimulates imports.

18)People's tendency to prefer something that will yield immediate benefits over somethingwhose benefits come later is called what by behavioral economists? 18)

A) Anchoring

B) Framing

C) Mental accounting

D) Myopia

19)Which of the following is a significant difference in the behavior of the dictator/proposer between the dictator game and the ultimatum game? 19)

A) The dictator/proposer tends to be more generous in the dictator game.

B) Dictators/proposers demonstrate more emotion when playing the dictator game.

C)There is no systematic difference in the generosity of the dictator/proposer between the two games.

D) The dictator/proposer tends to be more generous in the ultimatum game

20) In pure competition, a profit-maximizing firm will equate the marginal revenue product of labor with the: 20) 经济Midterm代考

A) cost of producing one extra unit of output.

B) price received from selling one extra unit of output.

C) profits produced by the employment of an extra worker.

D) wage rate.

21) A firm is faced with the following schedules of employment, revenue, and wages. How many workers will be employed by the profit-maximizing firm?

22) The TANF program: 22)

A) has been found to be unconstitutional by the Supreme Court.

B) is a form of social insurance.

C)limits total lifetime welfare benefits to five years and requires people to work afterreceiving benefits for two years.

D) perpetuates the so-called culture of poverty.

23) Social Security contributions are part of 23)

A) reverse taxes.

B) indirect taxes.

C) excise taxes.

D) payroll taxes. 5

24) Which is a valid counterargument to the call for higher tariffs to save U.S. jobs? 24) 经济Midterm代考

A)Imports may eliminate some U.S. jobs, but they create others, so they may havelittle or no effect on employment.

B)U.S. firms and workers must be protected from the ruinous competition of nations where wages for workers are low.

C) They are needed to protect U.S. workers from the dumping of foreign products.

D) Strategic trade policy calls for equal treatment of all trading nations so that they willhave the same competitive conditions.

25)Balin purchases fair trade cocoa out of concern for workers' rights and environmental sustainability. He could purchase cocoa of equal quality at a lower price. Behavioral economists would consider Balin's purchase 25)

A) purely self-interested but motivated by something other than his financialwell-being.

B) unusual in that it demonstrates concern for others.

C) as evidence that Balin is not acting purely in his self-interest.

D)a bad decision because it ignores important information that could improve Balin'swell-being.

26) A characteristic of a purely competitive labor market would be: 26)

A) "wage-taker" behavior by workers.

B) "price-maker" behavior by the firms.

C) a few firms competing for labor services.

D) significant differences among workers in the level of work skills.

Refer to the above graph. The Gini ratio would be greatest for which curve? 27) 经济Midterm代考

A) a B) b C) c D) d

The graph illustrates the market for a product on which an excise tax has been imposed by government. How much of the excise tax per unit is shouldered by the buyers? 28)

A) $5 B) $3 C) $6 D) $8

29)
Given the following production possibilities schedules, it can be seen that:

A) Germany can produce more of both goods than France.

B) France has a comparative advantage in producing wine.

C) Germany can produce more machines than France.

D) France has a comparative advantage in producing machines.

30)According to behavioral economics, placement of goods in retail stores is often designedto accomplish which of the following? 30) 经济Midterm代考

A) Minimize shelving costs

B) Maximize convenience for customers

C) Maximize the amount of product the store can display

D) Maximize impulse buying by consumers

Answer Key
Testname: ECON 102 PRAC
1) B
2) D
3) A
4) B
5) D
6) D
7) A
8) C
9) C
10) C
11) B
12) C
13) A
14) D
15) B
16) C
17) A
18) D
19) D
20) D
21) C
22) C
23) D
24) A
25) C
26) A
27) D
28) B
29) D
30) D