ECON 2001.01 Quiz: ECON 2001.01 Quiz 3.1 2017 Fall

• School: Ohio State University
• Department: Economics
• Course: ECON 2001.01
• Professor: All

Document Summary

On your scantron: under name clearly fill out your last name then your first name; then bubble in the correct letters. You have 60 minutes to finish the quiz. When you are done with your quiz, you must hand in your scantron and this page (please write your name). There are 30 questions total on this quiz. Indicate the answer choice that best completes the statement or answers the question: suppose the government has imposed a price floor on cellular phones. The per-unit burden of the tax on buyers of the good is: , , , . In this market, a minimum wage of . 25 is: binding and creates unemployment, nonbinding and creates a labor shortage, nonbinding and creates neither a labor shortage nor unemployment, binding and creates a labor shortage. When the price falls from p1 to p2, which area represents the increase in consumer surplus to existing buyers: bdf, afg, abc, bcgd.