CED 5-6 Review

CED 5-6 Review

12th Grade

10 Qs

quiz-placeholder

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CED 5-6 Review

CED 5-6 Review

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Austin Green

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assume that firms providing health-care services to older people operate in a perfectly competitive market. What must happen in the market for health-care workers if there is an increase in the number of older people in a country?

The demand for health-care workers will increase.

The marginal factor cost in the health-care industry will decrease.

The number of health-care workers will decrease.

The quality of health-care services will increase.

The wages of health-care workers will decrease.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The table shows the total cost and the total benefit of cleaning pollution. Which cleanup levels is socially optimal?

1

2

3

4

5

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Antitrust laws are designed to maintain a competitive market environment by 

eliminating monopolies wherever they exist 

preventing monopolies from generating negative externalities 

limiting practices that increase a firm’s market power 

imposing price ceilings on products produced by monopolies 

making charging a price above marginal cost illegal Unauthorized 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Lorenz curve represents the relationship between 

the cumulative percent of households and the cumulative percent of income 

income tax rates and income tax revenues 

child labor rates and the poverty levels 

income inequality and education level 

market structure and the number of firms in the market 

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The table above shows how a firm’s hourly level of output changes as more of the labor input is employed. The firm sells its output and hires labor in perfectly competitive markets. The wage paid to labor is $10 per hour, and the price of the firm’s output is $2 per unit. Based on the data in the table, the marginal revenue product of the fourth hour of labor is equal to

$4

$7

$14

$26

$70

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A perfectly competitive firm currently produces 1,000 units of output and hires its resources in a perfectly competitive factor market. It uses both labor and capital as inputs. The price of labor is $40; the price of capital is $100. The marginal product of labor is 8 units, and the marginal product of capital is 10 units. Which of the following must be true?

The firm is currently maximizing its profit.

The firm can produce more than 1,000 units without increasing the total cost if it uses more labor and less capital.

The firm can produce more than 1,000 units without increasing the total cost if it uses more capital and less labor.

The firm can reduce the cost of producing 1,000 units by using less capital and employing the same amount of labor.

The firm can reduce the cost of producing 1,000 units by employing less labor and using the same amount of capital.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is true of a monopsony in a labor market?

It faces a labor supply curve that is horizontal at the competitive market equilibrium wage.

Its marginal factor (resource) cost is the same as the market supply curve.

At its optimal level of employment, it pays a wage rate higher than the competitive market wage rate.

The imposition of a minimum wage results in a larger reduction in employment than is true in a competitive market.

Its marginal factor (resource) cost curve lies above the labor supply curve because hiring an extra worker means paying more to existing workers.

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