snr, 309 PM Wrap-Up Quiz 6 Due No due date Points 12 Questions 12 Available Mar 17 at 2:45pm - Mar 17 at 3:20pm 35 minutes Instructions This is your Wrap-up Quiz 6! The quiz consists of 12 questions. Good luck! Attempt History Attempt Time LATEST Attempt 1. 12 minutes * Some questions not yet graded & Correct answers are hidden. ‘Score for this quiz: 11 out of 12 * ‘Submitted Mar 17 at 2:57pm This attempt took 12 minutes. Question 1 Wrap-Up Quiz 6: Principles of Economics-T122PWB-2 Time Limit 15 Minutes Score 11 out of 12° 1/1 pts Ina closed economy, investment must be equal to private saving, False Question 2 htpsllearn ko.edu.vnlcourses/"12/quizzes/580 1/4 pts3117122, 309 PM Wrap-Up Quiz 6: Principles of Economics-T122PWB-2 ‘The ratio of government debt to GDP was higher during the Reagan presidency than at any previous time in U.S. history. True False Question 3 1/1 pts Most economists believe unions are bad for the economy as @ whole. True False Question 4 1/1 pts If the wage is kept above the equilibrium level because of minimum-wage laws, then the result is unemployment; if the wage is kept above the equilibrium level for some other reason, the result need not be unemployment. True False Question 5 1/1 pts Fora closed economy, GDP is $12 trillion, consumption is $7 trillion, taxes net of transfers are $3 trillion and the government runs a deficit of $1 trillion, What are private saving and htpsllearn ko.edu.vnlcourses/"12/quizzes/580 263117122, 309 PM Wrap-Up Quiz 6: Principles of Economics-T122PWB-2 national saving? $5 tillion and $3 trillion, respectively $5 tillion and $1 trillion, respectively $2 trillion and $3 trillion, respectively nn and $1 trillion, respectively Question 6 114 pts Other things the same, a government budget deficit reduces public saving, but not national saving, reduces national saving, but not publie saving, reduces both public and national saving. Correct reduces neither public saving nor national saving. Question 7 Not yet graded / 1 pts Ina closed economy private saving is $500 billion and the government budget deficit is $100 billion. What is investment? Your Answer: htpsllearn ko.edu.vnlcourses/"12/quizzes/580 a63117122, 309 PM Wrap-Up Quiz 6: Principles of Economics-T122PWB-2 SAVINGS = INVESTMENT = Private saving + Public saving = 500 + (-100) = $400 billion Question 8 1/1 pts What would happen in the market for loanable funds if the government were to decrease the tax rate on interest income? ‘There would be an increase in the amount of loanable funds borrowed, Correct There would be a reduction in the amount of loanable funds borrowed. ‘There would be no change in the amount of loanable funds borrowed. ‘The change in loanable funds is uncertain Question 9 111 pts Matilda just graduated from college. In order to devote all her efforts to college, she didn't hold a job. She is going to tour around the country on her motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate increases, and the labor-force participation rate decreases, and the labor-force participation rate both increase. increases, and the labor-force participation rate is unaffected, ‘and the labor-force participation rate are both unaffected, htpsllearn ko.edu.vnlcourses/"12/quizzes/580 4063117122, 309 PM Wrap-Up Quiz 6: Principles of Economics-T122PWB-2 Correct Question 10 1/1 pts Providing training for unemployed individuals is primarily intended to reduce frictional unemployment, [ Correct seasonal unemployment. structural unemployment, cyclical unemployment, Question 11 111 pts Bificiency wages raise the productivity of a firm's workers, so the firm hires more workers, raise the productivity of a firm’s workers, so the firm hires fewer workers Correct reduce the productivity of a firms’ workers, so the firm hires more workers. reduce the productivity of a firm's workers, so the firm hires fewer workers. htpsllearn ko.edu.vnlcourees/12lquizzes/580 56si17722, 309 PM \Wrap-Up Quiz 6: Principles of Economics-T122PWB-2 Question 12 1/1 pts Figure 28-4 24.8 € 10121815 18 20 Employment 1,000 Refer to Figure 28-4, If the government imposes a minimum wage of $6, how many ‘workers will be unemployed? Correct 4,000 8,000 12,000 Quiz Score: 11 out of 12 htpsllearn ko.edu.vnlcourses/t12/quizzes/580 ae