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KAPLAN MT445 UNIT 3 QUIZ LATEST 2016 FEBRUARY

Question # 00234446
Subject: Economics
Due on: 05/01/2016
Posted On: 04/01/2016 11:51 PM

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1. Question : The internet has made it easy for consumers to buy books online. As a result, many traditional booksellers like Barnes & Noble and Borders (starting in 2008) along with Amazon sell books on their websites. What effect will the internet have on the demand curve that any bookstore faces?

The demand facing a bookstore will become more elastic.

The demand facing a bookstore will become more inelastic.

The demand facing a bookstore becomes horizontal.

The price elasticity of demand remains unchanged; only the cross-price elasticity

changes.

Question 2. Question : Suppose the value of the price elasticity of supply is 4. What does this mean?

A 4 percent increase in the price of the good causes quantity supplied to increase by 1 percent.

A 1 percent increase in the price of the good causes the supply curve to shift upward by 4 percent.

A 1 percent increase in the price of the good causes quantity supplied to increase by 4 percent.

For every $1 increase in price, quantity supplied increases by 4 units.

Comments:

Question 3. Question : Figure 6-4

Refer to Figure 6-4. Which of the following statements is true about the price elasticity of demand?

The elasticity coefficient is constant along the demand curve.

The elastic portion of straight-line downward sloping demand curve corresponds to the segment above the midpoint.

The inelastic portion of the demand curve corresponds to the segment above the midpoint.

At the midpoint of the demand curve, the elasticity coefficient is zero.

Question 4. Question : When demand is unit price elastic, a change in price causes total revenue to stay the same because

the percentage change in quantity demanded exactly offsets the percentage change in price.

buyers are buying the same quantity.

total revenue never changes with price changes.

the change in profit is offset by the change in production cost.

Question 5. Question : Consider the following pairs of items:

Which of the pairs listed will have a positive cross-price elasticity?

a and b only

c and d only

e only

a, b, and c only

Question 6. Question : Which of the following is a reason why some firms do not use commission pay?

It gives workers incentive to produce more.

It increases firm profits.

It is difficult to measure the output and attribute output to a particular worker.

The best workers stay and less productive workers leave.

Question 7. Question : Scenario: In academia, professors in some disciplines receive higher salaries than others. For example, professors teaching in business schools receive higher salaries than professors in the English department. Suppose in Unity College, assistant professors in the business school earn $Wb while assistant professors in the English department earn $We < Wb. Now suppose the government passes comparable worth legislation that requires academic institutions to pay all faculty the same salaries.

Following the passage of comparable worth legislation, Unity College responds by placing salaries at $Wabetween the two existing salaries. Which of the following is the result of the legislation?

The supply of English professors increase and the supply of business professors decrease.

The demand for English professors decrease and the demand for business professors increase.

There will be a surplus in the market for English professors and a shortage in the market for business professors.

There will be a surplus in the market for English professors and the market for business professors will not be affected.

Question 8. Question : Table 16-2

Refer to Table 16-2. What is the profit-maximizing quantity of labor that the firm should hire?

5 units

$4 units

$3 units

2 units

Question 9. Question : A decrease in the wage rate causes

an increase in the quantity of labor demanded.

a rightward shift of the firm's labor demand curve.

a leftward shift of the firm's labor demand curve.

a decrease in labor's productivity.

Question 10. Question : Suppose the government grants child care subsidies to mothers entering the labor force. What is likely to happen to the equilibrium wage and quantity of labor?

The equilibrium wage and the equilibrium quantity of labor rise.

The equilibrium wage and the equilibrium quantity of labor fall.

The equilibrium wage falls and the equilibrium quantity of labor rises.

The equilibrium wage rises and the equilibrium quantity of labor falls.

Tags 0 february latest quiz mt445 unit kaplan question demand quantity increase labor profeors price wage equilibrium percent units busine market change bookstore elasticity following suppose curve supply midpoint decrease goodcauses english salaries shift firms facing legislation refer

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Tutorial Preview …Unity xxxxxxxx assistant xxxxxxxxxx in the xxxxxxxx school earn xxx while xxxxxxxxx xxxxxxxxxx in xxx English department xxxx $We < xx Now xxxxxxx xxx government xxxxxx comparable worth xxxxxxxxxxx that requires xxxxxxxx institutions xx xxx all xxxxxxx the same xxxxxxxx Following the xxxxxxx of xxxxxxxxxx xxxxx legislation, xxxxx College responds xx placing salaries xx $Wabetween xxx xxx existing xxxxxxxx Which of xxx following is xxx result xx xxx legislation? xxxxxxx Answer: The xxxxxx of English xxxxxxxxxx increase xxx xxx supply xx business professors xxxxxxxx The demand xxx English xxxxxxxxxx xxxxxxxx and xxx demand for xxxxxxxx professors increase xxxxx will xx x surplus xx the market xxx English professors xxx a xxxxxxxx xx the xxxxxx for business xxxxxxxxxx There will xx a xxxxxxx xx the xxxxxx for English xxxxxxxxxx and the xxxxxx for xxxxxxxx xxxxxxxxxx will xxx be affected xxxxxxxxx Question 8 xxxxxxxx : xxxxx xxxx Refer xx Table…
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Preview: elasticity? Student xxxxxxxxxxxx and x only  c and x only  e only  a, xx and x xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Question xxxxxx of the xxxxxxxxx is a xxxxxx why xxxx xxxxx do not xxx commission pay? Student xxxxxxxxxxxxx gives workers xxxxxxxxx to xxxxxxx xxxx   It xxxxxxxxx firm profits xxxxxxxxxx is difficult xx measure xxx xxxxxx and xxxxxxxxx output to x particular worker xxxxxxxxxxx best xxxxxxx xxxx and xxxx productive workers xxxxx  Comments:Question 7 Question xxxxxxxxxxxxxxxx academia, xxxxxxxxxx xx some xxxxxxxxxxx receive higher xxxxxxxx than others xxx example, xxxxxxxxxx xxxxxxxx in xxxxxxxx schools receive xxxxxx salaries than xxxxxxxxxx in xxx xxxxxxx department xxxxxxx in Unity xxxxxxxx assistant professors xx the xxxxxxxx xxxxxx earn xxxxxxxxxxxx assistant professors xx the English xxxxxxxxxx earn xxxxxxxxxxx xx Now xxxxxxx the government xxxxxx comparable worth xxxxxxxxxxx that xxxxxxxx xxxxxxxx institutions xx pay all xxxxxxx the same xxxxxxxx Following xxx.....
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