ECN 361 Topic 8 Quiz

1. Question: Government vouchersto purchasefood, alsoknownasfood stamps,are anexample of 2. Question: Ifthewagesofadentistincrease,whichofthefollowingstatementsisnottrue? 3. Question: Figure18-5RefertoFigure18-5.IftherelevantlaborsupplycurveisS2andthecurrentwageis 4. Question: Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders? 5. Question: Which of the following explainswhysoccer playersmake millionsof dollarsin Europe but do not inthe United States? 6. Question: Scenario18-4SupposethatworkersfromnorthernMinnesota,NorthDakota,andMontanadecidetoimmigrate to southern Canada.RefertoScenario18-4.InthelabormarketinsouthernCanada,theequilibriumwage 7. Question: Scenario19-3In the small town of Hamilton, Montana, there is a local hardware store called Eddy's Hardware. There are only two types of workers who apply for jobs at Eddy's Hardware: cowboys and farm boys. Local politicians have received numerous complaints that Eddy's Hardware is practicing wage discrimination against farm boys. Eddy's Hardware denies the complaint and says the store is only trying to maximize profit.Refer to Scenario 19-3. Which of the following statements would weaken the discrimination complaint against Eddy's Hardware? 8. Question: Jake and Levi have 130 hours of college credit each from Impressive University. Each has 30 hours of economics. Jake has a bachelor's degree, whereas Levi is three credits short of required physical education classes and therefore does not have a degree. Each of them has one year of experience as a market analyst for ABC Company. Assuming that the physical education class would not enhance Levi's job performance, if Jake earns a higher salary than Levi, the ABC Company may subscribe to the 9. Question: Figure18-5RefertoFigure18-5.AssumeW1=$15andW2=$12,andthemarketisalwaysinequilibrium.Ashift 10. Question: Table18-5RefertoTable18-5.WhatisthevalueforthecelllabeledAA?