1)What is the “price” commonly called in the labor market?
2)Are households demanders or suppliers in the goods market?
| A) | Demander |
| B) | what? |
| C) | Supplier |
| D) | none of the above |
3)Are firms demanders or suppliers in the goods market?
| A) | Supplier |
| B) | Demander |
4)Are firms demanders or suppliers in the Labor market?
| A) | None of above |
| B) | Supplier |
| C) | Demander |
5)Are households demanders or suppliers in the Labor market?
| A) | Supplier |
| B) | Demander |
6)Which of the following would be factors that can cause a shift in the supply curve in labor markets.
| A) | Number of Customers |
| B) | Technology |
| C) | Number of Businesses |
| D) | Number of Workers |
7)Which of the following can cause a shift in the demand curve in labor markets?
| A) | Required Education |
| B) | Demand for Output |
| C) | none of the above |
| D) | Number of Workers |
8)Predict how the following economic changes will affect the equilibrium price in the financial market for home loans if the number of people at the most common ages for home-buying increases.
| A) | Interest Rate will Increase |
| B) | Interest Rate will Decrease |
| C) | Interest Rate will Not change |
| D) | Supply of Loans will Increase |
9)Many people have larger amounts of debt in America than before, and people in the market have become hesitant to take loans out for new cars. All other things being equal, what would car dealership do with their financing in this new market environment?
| A) | They would decrease the supply of car loans and increase the equilibrium price (interest rate) to attract more car buyers. |
| B) | They would increase the supply of car loans and increase the equilibrium price (interest rate) to remain competitive. |
| C) | Dealership financing would decrease the supply of car loans and decrease the equilibrium price (interest rate) to make their car loans more attractive for people. |
10)What effect over the last decade, has the increasingly efficient and inexpensive technology of online college courses had on the college textbook market?
| A) | The demand for physical textbooks have steadily decreased, and as a result more publishing companies are having less demand for high skilled textbook editor jobs. |
| B) | The supply for college textbooks has increased as a result there are fewer textbook publishing companies. |
| C) | The demand for textbooks has declined resulting in publishing companies increasing their demand of textbook editor jobs. |
1. Ans: Wage
2. Ans: Demander
Explanation:
Households are purchasers in the goods market.
3. Ans: Supplier
Explanation:
Firms are sellers in the goods market
4. Ans: Demander
Explanation:
Firms are purchasers of laborers.
5. Ans: Supplier
Explanation:
Households are supplier of laborers.
6. Ans: Number of Workers
Explanation:
When number of workers increases, the supply of labor curve shifts rightward and vice-versa.
7. Ans: Demand for Output
Explanation:
When demand for output changes, producers change their production quantity. So, the demand for labor changes which leads to a shift in the demand for labor curve.
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