{"id":47901,"date":"2022-04-02T08:59:15","date_gmt":"2022-04-02T08:59:15","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/ecn-212-homework-set-3\/"},"modified":"2022-04-02T08:59:15","modified_gmt":"2022-04-02T08:59:15","slug":"ecn-212-homework-set-3","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/ecn-212-homework-set-3\/","title":{"rendered":"Ecn 212 homework set #3"},"content":{"rendered":"
\n

ECN 212 Homework Set #3 – Dr. Roberts
Homework Set #3 is due in the Lab no later than Friday, April 4, 2014.\u00a0 Late Homework will not be accepted under any circumstance.\u00a0 The early submission deadline is Wednesday, April 2.\u00a0 Early submissions will receive 2 extra credit points.\u00a0\u00a0 Answers must be turned in on an \u201cexam SYSTEM II\u201d Scantron, form # 229633, available at the ASU Bookstore.\u00a0 Answer sheets must be marked in pencil and contain your name and 10 digit ASU Identification Number.<\/p>\n

\u00a0<\/p>\n

1.\u00a0In the figure above, a monopsony will pay the wage rate
\u00a0a.\u00a0W1 and hire Q1.
\u00a0b.\u00a0W3 and hire Q1.
\u00a0c.\u00a0W2 and hire Q2.
\u00a0d.\u00a0W1 and hire Q3.
\u00a0e.\u00a0W1 and hire Q2.<\/p>\n

2.\u00a0In the figure above, if this were a competitive labor market they would pay the wage rate
\u00a0a.\u00a0W2 and hire Q2.
\u00a0b.\u00a0W3 and hire Q1.
\u00a0c.\u00a0W1 and hire Q3.
\u00a0d.\u00a0W1 and hire Q2.
\u00a0e.\u00a0W1 and hire Q1.<\/p>\n

3.\u00a0In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a competitive labor market hire?
\u00a0a.\u00a0A quantity less than Q1
\u00a0b.\u00a0Q1
\u00a0c.\u00a0Q3
\u00a0d.\u00a0None
\u00a0e.\u00a0Q2<\/p>\n

4.\u00a0In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a monopsonist hire?
\u00a0a.\u00a0Q3
\u00a0b.\u00a0A quantity less than Q1
\u00a0c.\u00a0Q2
\u00a0d.\u00a0Q1
\u00a0e.\u00a0None<\/p>\n

\u00a0<\/p>\n

________________________________________
\u00a0\u00a0 Number of Workers\u00a0\u00a0\u00a0\u00a0\u00a0 Output per Hour\u00a0\u00a0\u00a0\u00a0\u00a0 ________________________________________
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a07\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a015\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a017\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
________________________________________<\/p>\n

5.\u00a0According to the table above, if the product price is $3 and the wage rate is $6 per hour, how many workers should this firm hire?
\u00a0a.\u00a03
\u00a0b.\u00a05
\u00a0c.\u00a04
\u00a0d.\u00a01
\u00a0e.\u00a02<\/p>\n

6.\u00a0According to the table above, the marginal revenue product of the
\u00a0a.\u00a0fourth worker is $68.
\u00a0b.\u00a0third worker is $3.
\u00a0c.\u00a0fifth worker is $3.
\u00a0d.\u00a0second worker is $12.
\u00a0e.\u00a0first worker is $3.<\/p>\n

7.\u00a0After hiring 151 units of the variable input, labor, a firm determines the MRP to be $.30 and the MFC to be $.33.\u00a0 The firm should
\u00a0a.\u00a0increase the output of its product.
\u00a0b.\u00a0produce less than 151 units of output.
\u00a0c.\u00a0increase the use of labor.
\u00a0d.\u00a0continue to produce 151 units of output.
\u00a0e.\u00a0decrease the use of labor.<\/p>\n

\u00a0<\/p>\n

8.\u00a0In the graph above, if comparable worth doctrine sets the wage rate in market A and market B at $15, then
\u00a0a.\u00a0both markets would be in equilibrium.
\u00a0b.\u00a0there would be a surplus of workers in both markets.
\u00a0c.\u00a0there would be a shortage of workers in market A and a surplus of workers in market B.
\u00a0d.\u00a0there would be a shortage of workers in market B and a surplus of workers in market A.
\u00a0e.\u00a0there would be a shortage of workers in both markets.<\/p>\n

\u00a0<\/p>\n

9.\u00a0According to the table above, what wage rate will a monopsony pay to hire the optimal number of workers?\u00a0
a)\u00a0$8
b)\u00a0$4
c)\u00a0$5
d)\u00a0$3
e)\u00a0$6<\/p>\n

\u00a0<\/p>\n

10.\u00a0According to the table above, if this were a perfectly competitive input market rather than a monopsony, what wage rate would be paid for the optimal number of workers?\u00a0
a.\u00a0$3
b.\u00a0$5
c.\u00a0$6
d.\u00a0$8
e.\u00a0$10<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

11.\u00a0Refer to the figure above.\u00a0 If a minimum wage law of $5.15 is imposed, which of the following is correct?
a.\u00a0Qs people will be employed.
b.\u00a0A shortage will result equal to .
c.\u00a0A shortage will result equal to\u00a0 units.
d.\u00a0There will be a net gain for this labor market because those who keep their jobs gain more than those who lost their jobs.
e.\u00a0None of the above is correct.<\/p>\n

\u00a0<\/p>\n

12.\u00a0Refer to the figure above.\u00a0 If a minimum wage of $3.00 is imposed,
a.\u00a0some workers will lose their jobs.
b.\u00a0a surplus will result.
c.\u00a0more than Qe workers will be hired.
d.\u00a0Qe workers will be hired.
e.\u00a0None of the above is true.<\/p>\n

13\u00a0Comparable worth is derived from the view that pay should be based on
\u00a0a.\u00a0the degree of occupational segregation in a labor market.
\u00a0b.\u00a0the supply and demand for different types of labor.
\u00a0c.\u00a0only the demand side of the labor market.
\u00a0d.\u00a0only the supply side of the market.
\u00a0e.\u00a0the characteristics of the job.<\/p>\n

14.\u00a0If in the negative income tax proposal the guaranteed income floor is $9,000 and the tax rate is 25%, what is the value of the breakeven income?
\u00a0a.\u00a0$45,000.
\u00a0b.\u00a0$6,750
\u00a0c.\u00a0$2,250.
\u00a0d.\u00a0$36,000
\u00a0e.\u00a0$9,000.<\/p>\n

\u00a0<\/p>\n

15.\u00a0Refer to the figure above. Assume that total income in Country A and Country B is equal.\u00a0 The poorest 20 percent of country A’s population receives
\u00a0a.\u00a0half as much income as the poorest 20 percent of country B’s population.
\u00a0b.\u00a0less income than the poorest 20 percent of country B’s population.
\u00a0c.\u00a0the same as country B’s richest 20 percent.
\u00a0d.\u00a0the same income as the poorest 20 percent of country B’s population.
\u00a0e.\u00a0more income than the poorest 20 percent of country B’s population.<\/p>\n

16.\u00a0The most unequal distribution of income is found in
\u00a0a.\u00a0formerly communist countries.
\u00a0b.\u00a0less developed countries.
\u00a0c.\u00a0OPEC countries.
\u00a0d.\u00a0the United States.
\u00a0e.\u00a0developed countries.<\/p>\n

17.\u00a0Suppose, as a policymaker, that you could order a single change to reduce the incidence of poverty. Which of the following changes is most likely to be effective?
\u00a0a.\u00a0Engineering a sustained period of economic growth.
\u00a0b.\u00a0Reducing, if not eliminating, the minimum wage.
\u00a0c.\u00a0Make income taxes more progressive.
\u00a0d.\u00a0Tightening governmental regulations to ease the burden on business.
\u00a0e.\u00a0Winning the war on crime and illegal drug use.<\/p>\n

18.\u00a0The Lorenz curve shows __________ within a society.
\u00a0a.\u00a0the per capita annual income of individuals
\u00a0b.\u00a0the quality of life of the poor
\u00a0c.\u00a0the absolute level of income
\u00a0d.\u00a0how equitable the distribution of income is
\u00a0e.\u00a0the income distribution<\/p>\n

19. The Lorenz curve cannot be used to show
\u00a0a.\u00a0 a summary of distributions of income
\u00a0b.\u00a0 how a give income is distributed among the population
\u00a0c.\u00a0 the fairest distribution of income
\u00a0d.\u00a0 an equal distribution of income
\u00a0e.\u00a0 the Lorenz curve can be used to show all of the above.<\/p>\n

\u00a0<\/p>\n

Use the following information to answer the next three questions.\u00a0 Assume that labor demand is given by QD = 140-20p and labor supply is given by QS = 10P-10 where P = wage and Q = quantity of labor.\u00a0<\/p>\n

20.\u00a0 What is the equilibrium wage and number of workers hired in this market?
a.\u00a0 $6, 50
b.\u00a0 $7, 40
c.\u00a0 $5, 40
d.\u00a0 $10, 140
e.\u00a0 $20, 10<\/p>\n

21.\u00a0 If a minimum wage of $6 is imposed on the market, how much unemployment will exist?
a.\u00a0 10
b.\u00a0 30
c.\u00a0 50
d.\u00a0 170
e.\u00a0 60<\/p>\n

22.\u00a0 What is the net effect of the $6 minimum wage on this labor market?
a.\u00a0 There is no effect as the minimum wage is set below the equilibrium wage.
b.\u00a0 $30 loss
c.\u00a0 $80 loss
d.\u00a0 $100 loss
e. $20 gain<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

23.\u00a0Which of the following statements is true?
\u00a0a)\u00a0Raising the minimum wage is an effective way to lift families out of poverty.
\u00a0b)\u00a0Households in the bottom income quintile are very likely to remain there throughout their lives.
\u00a0c)\u00a0U.S. census poverty data does not include in-kind transfers and therefore overstates poverty rates.
\u00a0d)\u00a0Wage discrimination is the largest component of poverty in America.
\u00a0e)\u00a0None of the above is true.<\/p>\n

24.\u00a0Which of the following statements proves the existence of wage discrimination?
\u00a0a.\u00a0Male prison guards earn more on average than female prison guards.
\u00a0b.\u00a0Professors of economics earn more on average than professors of women\u2019s studies.
\u00a0c.\u00a0Men earn more on average than women.
\u00a0d.\u00a0All of the above prove the existence of wage discrimination.
\u00a0e.\u00a0None of the above proves the existence of wage discrimination.<\/p>\n

25.\u00a0What condition would create less worry about the Social Security system?
\u00a0a.\u00a0If the amount paid into the social security system by an individual was equal to the amount of the social security trust fund.
\u00a0b.\u00a0If the amount paid into the social security system by an individual was equal to the amount collected from all individuals.
\u00a0c.\u00a0If the amount paid into the social security system by an individual was equal to the amount of private savings that individual had.
\u00a0d.\u00a0If the amount paid into the social security system by an individual was equal to the amount received by that individual in retirement benefits.
\u00a0e.\u00a0If the amount paid into the social security system by an individual was the minimum an individual could receive in retirement benefits.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

ECN 212 Homework Set #3 – Dr. RobertsHomework Set #3 is due in the Lab no later than Friday, April 4, 2014.\u00a0 Late Homework will not be accepted under any circumstance.\u00a0 The early submission deadline is Wednesday, April 2.\u00a0 Early submissions will receive 2 extra credit points.\u00a0\u00a0 Answers must be turned in on an \u201cexam […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-47901","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=47901"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47901\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=47901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=47901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=47901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}