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(Answered)-Question 1 (Multiple Choice) Use the graph below to answer the


Question 1?(Multiple Choice)

Use the graph below to answer the following question.?There are two correct answers.

?the equilibrium pay rate will be $90,000.

?economic rent will fall for the 490 crane operators.?economic rent will increase for the first 316 operators.?the equilibrium pay rate will equal $100,000.?the economic rent for all crane operators will fall to zero.


Question 2?(Multiple Choice)

Use the graph below to answer the following question.?There are two correct answers.

?earnings average $80,000 and 442 operators are working.

?economic rent for the first crane operator equals $30,000.?economic rent equals zero for all operators.?earnings average $51,000 and 155 operators are working.?earnings average $100,000.


Question 3?(Multiple Choice)

Use the graph below to answer the following question.?There are two correct answers.

?salaries will rise to $90,000 and 490 crane operators will be working.

?economic rent will increase for the first 442 crane operators.?economic rent will decrease for all crane operators.?salaries will rise to $100,000.?the new equilibrium quantity of crane operators will fall to 442.


Question 4?(Multiple Choice Worth 2 points)

As the technology associated with producing ethanol increases, there will
most likely be a/an _____________ in the demand for labor and
_____________ wages in the labor sector of this industry.?

You will have one answer choice.

?decrease, lower??decrease, higher?increase, lower?increase, higher?decrease, no change in


Question 5?(Multiple Choice Worth 2 points)

Statistical software is considered a complement in the demand for
economists. This means that if the demand for economists increases, the
demand for such software will?

(You will have one answer choice.)

?decrease.?not change.?increase.?become positively sloped.?increase for a while, then decrease.


Question 6?(Multiple Choice Worth 2 points)

The market demand for construction workers is the ______________ summation of all ____________ curves for similar labor.?

You will have one answer choice.

?horizontal, supply?vertical, demand?vertical, supply?horizontal, demand??horizontal, quantity demanded


Question 7?(Multiple Choice Worth 2 points)

Use the graph below to answer the following question.?There is one correct answer.

?$70,000

?$80,000?$10,000??$51,000?$100,000


Question 8?(Multiple Choice Worth 2 points)

Use the graph below to answer the following question.?There is one correct answer.

?zero, zero

?155, about $20,000?209, zero?zero, about $25,000??zero, about $40,000?


Question 9?(Multiple Choice)

Which of the following is an example of a substitute for labor in production of pickup trucks??

You will have two answer choices.

?Robotic technology and computers?Machines and computer simulations?Factory space and entrepreneurship?Land and human capital?Human capital and entrepreneurship


Question 10?(Multiple Choice)

Which of the following is true about the market supply curve for hockey players??

You will have two answer choices.

?It is positively sloped and reflects the fact that lower salaries would entice some athletes to avoid playing hockey.?It is negatively sloped and reflects the fact that there are few substitute industries for hockey players.?It is positively sloped and reflects the fact that higher salaries would lead to more Europeans entering America to play professional hockey.?It has a vertical slope and reflects the fact that changes in salaries do not impact the quantity of players supplied.?It has a negative slope.


 


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