In an effort to create a healthcare safety net, the government

QUESTION 1

1. In an effort to create a healthcare safety net, the government requires employers to provide healthcare coverage to all employees. What impact will this increased coverage have on the demand for doctors in the short run?

   a.	It will increase the demand for doctors.
   b.	It will decrease the demand for doctors.
   c.	It will not affect the demand for doctors.

9.091 points

QUESTION 2

1. In an effort to create a healthcare safety net, the government requires employers to provide healthcare coverage to all employees. What impact will this increased coverage have on the labor demand for the producers of medical equipment in the short run?

   a.	It will increase the demand.
   b.	It will decrease the demand.
   c.	It will not affect the demand.

9.091 points

QUESTION 3

1. In an effort to create a healthcare safety net, the government requires employers to provide healthcare coverage to all employees. What impact will this increased coverage have on the supply of hospital beds in the short run?

   a.	It will increase the supply.
   b.	It will decrease the supply.
   c.	It will not affect the supply.

9.091 points

QUESTION 4

1. As the owner of a small sandwich shop, you have recently seen an increase in sales that your employees have struggled to manage. They ask that you consider hiring additional workers for the lunch shift, but you are concerned that it may cut into your profit. Using the table below, compute the marginal profit of hiring additional workers
   
   

   Quantity of labor (workers)	Number of sandwiches	Marginal Product	Price of Sandwiches	Value of Marginal Product	Wage	Marginal Profit
   1	80		$5		$20
   2	120		$5		$20
   3	130		$5		$20
   4	125		$5		$20

   
   If the shop currently has only two employees, the owner should

   a.	not hire anyone else.
   b.	lay off one employee.
   c.	hire one more employee.
   d.	hire two more employees.

9.091 points

QUESTION 5

1. If the market for labor in a particular area is in equilibrium, and then there is a sudden migration out of an area. In that case, equilibrium age __________and the quantity of workers employed __________.

   a.	decreases; decreases
   b.	increases; increases
   c.	decreases; increases
   d.	increases; decreases.

9.091 points

QUESTION 6

1. Initially the market for labor is in equilibrium, and then laborers suddenly are willing to work more hours. In that case, equilibrium wage __________ and the quantity of workers employed__________.

   a.	decreases; decreases
   b.	increases; increases
   c.	decreases; increases.
   d.	increases; decreases

9.091 points

QUESTION 7

1. Initially the market for labor is in equilibrium, but then fewer workers become willing to work the night shift. In that case, equilibrium wage __________and the quantity of workers employed __________.

   a.	decreases; decreases.
   b.	increases; increases.
   c.	decreases; increases.
   d.	increases; decreases.

9.091 points

QUESTION 8

1. Initially the market for labor in the California wine industry is in equilibrium, but then demand for California wines suddenly increases. In that case, equilibrium age __________ and the quantity of workers employed __________.

   a.	decreases; decreases
   b.	increases; increases
   c.	decreases; increases
   d.	increases; decreases

9.091 points

QUESTION 9

1. Which of the following is an example of land as a factor of production? Select all that apply.

   a.	an empty lot in downtown Seattle
   b.	a barn with a loft
   c.	two acres of farmland in Nebraska
   d.	the entire third floor of a commercial building in Chicago
   e.	a flowing river in the forest

9.091 points

QUESTION 10

1. Which of the following is an example of labor as a factor of production? Select all that apply.

   a.	robots assembling cars in Detroit
   b.	a mechanical dishwasher at an Italian restaurant
   c.	pilots flying for American Airlines
   d.	farmers operating tractors
   e.	scarecrows in a field of corn

9.091 points

QUESTION 11

1. Which of the following is an example of capital as a factor of production? Select all that apply.

   a.	a wind turbine on a farm
   b.	two acres of farmland in Nebraska
   c.	a waiter at a restaurant
   d.	a Boeing 747 plane
   e.	an industrial oven at a bakery