ECON 2301 Week 2 Quiz 5 | Assignment Help | Central Texas College
- Central Texas College / ECON 2301
- 30 Apr 2021
- Price: $5
- Accounting & Economics Assignment Help / Microeconomics
ECON 2301 Week 2 Quiz 5 | Assignment Help | Central Texas College
• Question 1
Which of the following is an example of an efficiency wage?
Answers: a.
a high wage paid to a college graduate for a high-skill job such as electrical engineering
b.
a high wage paid to compensate for dangerous work such as coal mining
c.
an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants
d.
a wage below the minimum wage but supplemented by customer tips
• Question 2
Daniel goes on vacation for four weeks. When he returns the company puts him on layoff for four weeks during which he waits to be recalled. In which weeks is Daniel counted as unemployed, if any?
Answers: a.
the first four weeks but not the second four weeks
b.
neither the first four or second four weeks
c.
both the first four weeks and the second four weeks
d.
the second four weeks but not the first four weeks
Question 3
Figure 28-3
Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be unemployed?
Answers: a.
7,000
b.
0
c.
4,000
d.
3,000
Question 4
Figure 28-3
Refer to Figure 28-3. At the equilibrium wage, how many workers are unemployed?
Selected Answer: a.
0
Answers: a.
0
b.
4,000
c.
8,000
d.
5,000
Question 5
More generous unemployment insurance would
a.
raise structural unemployment.
b.
lower structural unemployment.
c.
raise frictional unemployment.
d.
lower frictional unemployment.
Question 6
Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer
a.
more than $17 per hour in order to attract a better pool of applicants.
Answers: a.
more than $17 per hour in order to attract a better pool of applicants.
b.
less than $17 an hour to prevent shirking.
c.
$17 per hour.
d.
less than $17 per hour because some people would be willing to work for less.
• Question 7
Meredith is looking for work as a computer programmer. Although her prospects are good, she has not yet taken a job. Julie is looking for work in a steel mill. Every time she shows up for an interview, there are more people looking for work than there are openings. Someone waiting in line with her tells her it has been that way for a long time.
Selected Answer: c.
Meredith is frictionally unemployed, and Julie is structurally unemployed.
Answers: a.
Meredith and Julie are both frictionally unemployed.
b.
Meredith is structurally unemployed, and Julie is frictionally unemployed.
c.
Meredith is frictionally unemployed, and Julie is structurally unemployed.
d.
Meredith and Julie are both structurally unemployed.
• Question 8
The effects of unionization on wages in the sectors of the economy that are unionized causes the supply of labor in other sectors of the economy to
a.
decrease, reducing wages in industries that are not unionized.
b.
increase, raising wages in industries that are not unionized.
c.
decrease, raising wages in industries that are not unionized.
d.
increase, reducing wages in industries that are not unionized.
Question 9
Figure 28-3
Refer to Figure 28-3. If the government imposes a minimum wage of $8, then how many workers will be employed?
Answers: a.
5,000
b.
4,000
c.
3,000
d.
7,000
Question 10
Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions
a.
cause the quantity of labor supplied to exceed the quantity of labor demanded, but efficiency wages do not.
b.
prevent firms from lowering wages in the presence of a surplus of workers.
c.
cause unemployment, but efficiency wages do not.
d.
cause wages to be above the equilibrium level.
USA 
India