CIS 175 WEEK 3 QUIZ 2
CIS 175 Week 3 Quiz 2
This quiz consist of 30 multiple choice questions. The first 15
questions cover the material in Chapter 2. The second 15 questions
cover the material in Chapter 3.
1.
If an increase
in the price of cookies leads to a decrease in the demand for ice cream, then
ice cream and cookies must be
2.
China’s
transition to a market-oriented economy
3. A student graduates from college and gets a high-paying job. As a result of
the increase in income, the student buys more frozen pizzas. For the student,
frozen pizzas must be a(n)
4.
A market with
only one seller of a product that has no good substitutes is called
5.
Which of the
following will cause demand to rise?
6. Assume lettuce and salad dressing are complements in consumption. An increase in the
price of lettuce will
7. In a market economy,
8.
If a consumer
always eats cheese with macaroni, then for that consumer macaroni and cheese
are examples of:
9.
If an increase
in the price of bicycles leads to an increase in the demand for bus
transportation, the bicycles and bus rides must be
10.
The economy of
the People’s Republic of China operated as a command economy
11.
The Law of
Demand suggests that
12.
The Law of
Supply states that price and
13. You receive a big raise at work. As a result of your now higher income, you
stop bringing your lunch from home and start eating lunch at a nearby
restaurant. Your homemade lunches must be
14.
Markets that
fall between pure competition and monopoly are called:
15.
Since 1990,
foreign investment in China has
16.
In a market
economy, if the market supply of a product decreases relative to its demand,
the product's price will
17.
To be effective,
a price ceiling must be set
18.
Which effect
dominates if a workers supply curve for labor is negatively sloped?
19. An increase in the wage from $6 per hour to $6.50 per hour causes a worker
to increase her hours worked from 40 to 45 hours per week. For this worker, which
effect dominates?
20.
The marginal
product of labor is the additional
21.
Owners of rent
controlled property may attempt to increase profits by
22.
A change in the
hours of work that occurs in response to a wage change, other things equal, is
known as the
23.
Rent control
laws will _____________ the search costs of potential renters.
24.
Price floors are
often instituted for which of the following purposes?
25. A firm increases the number of workers it hires from 50 to 52 and, as a
result, output increases from 100 to 110. Each of the additional units of
output can be sold for $2. What is marginal revenue for the last 10 units
produced?
26. The consequences of
government intervention
27.
The additional
revenue a firm receives as a result of selling an additional unit of output is
called
28.
Price ceilings
may be used on a selective basis to
29.
Given that a
firm is selling its product in a competitive market, meaning that its marginal
revenue is constant, what would the Law of Diminishing Returns to labor inputs
imply about the demand for labor?
30.
Research
suggests that as the minimum wage is increased by 10%, the associated increase
in the teenage unemployment rate is nearly
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