Solved > 11.When the minimum wage is set above the:1837250 …

11.When the minimum wage is set above the equilibrium market wage,

a.there will be a shortage of labor at the minimum wage will have no effect on the quantity of labor employed

c.the unemployment rate will rise

d.the quality of the labor force will increase

e.the unemployment rate will fall

12.Suppose that a market is initially in equilibrium. Then the government imposes a price floor above the equilibrium price. Which of the following will occur in the absence of a black market?

a.The market will remain in equilibrium.

b.The quantity sold will drop.

c.The quantity demanded will increase.

d.The quantity supplied will decrease.

e.An excess demand will develop.

13.Figure 4-4 depicts a market in which the government has imposed a price floor of $5.00 per unit. To maintain the price floor, the government should 200 units of the good

b.sell 200 units of the good 700 units of the good

d.sell 700 units of the good 500 units of the good

14.In Figure 4-5, if the government imposes a price floor of $2, the result will be

a.equilibrium different than before the minimum price is imposed

c.a shortage

d.that the demand curve will shift leftward

e.a surplus

15.In Figure 4-5, at a temporary price of $4,

a.all of the following occur

b.a surplus occurs

c.the supply curve will shift leftward

d.the demand curve will shift rightward

e.equilibrium will eventually occur at approximately $3.50

16.Federal subsidies to higher education have the effect of

a.increasing the demand for higher education

b.increasing the supply of higher education

c.decreasing the demand for higher education

d.decreasing the supply of higher education

17.Federal subsidies to higher education have the effect of

a.increasing the number of people seeking higher education and lowering tuition

b.increasing the number of people seeking higher education and raising tuition

c.decreasing the number of people seeking higher education and lowering tuition

d.decreasing the number of people seeking higher education and raising tuition

18.Federal subsidies to higher education benefit

a.only the student

b.only universities

c.both universities and students

d.neither universities nor students

19.A $10,000 federal subsidy per student in higher education would benefit

a.a student by exactly $10,000

b.a university by exactly

c.the student and the university in such a way that they would split the $10,000.

d.the student and the university in such a way that they would each get $10,000.

20.If an excise tax is imposed on a good or service,

a.the supply curve shifts upward

b.the supply curve shifts downward

c.the price paid by consumers decreases

d.the net price received by sellers increases

e.the quantity produced and sold increases is an online academic writing platform that provides extensive assistance to graduate school students as they work through their research projects, papers and dissertations. gives students access to experienced professionals who can provide the help they need in a timely and efficient manner. The service offers a wide range of services, including editing, proofreading, formatting, researching and more that can give students the confidence they need to write the perfect paper or dissertation for their chosen subject matter.

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