Glendale Community College » Economics » Econ 102 - Principles of Macroeconomics » Winter 2021

Question #1

The U.S. government requires mechanics to become trained and certified. How does this affect the market for mechanics?

A. demand for mechanics increase and supply of mechanics decrease

B. demand for mechanics increase and supply of mechanics increase

C. demand for mechanics decrease and supply of mechanics increase

D. demand for mechanics increase and supply of mechanics increase

Question #2

Which of the following would be an example of derived demand?

A. Stricter immigration laws lead to a lower supply of labor

B. An increased demand for dogs leads to an increased demand for dog groomers

C. hot weather leads to a higher demand for ice cream

D. The invention of the ATM machine leads to lower demand for bank tellers

Question #3

Unemployment occurs when

A. the demand for labor is less than the supply of labor

B. the demand for labor exceeds the supply of labor

C. the supply of labor exceeds the demand for labor

D. the demand for labor equals the supply of labor

Question #4

Restrictions on immigration will have what effect on the labor market?

A. the labor supply curve will shift right

B. the labor demand curve will shift right

C. the labor supply curve will shift left

D. the labor demand curve will shift left

Question #5

ATM machines and online banking reduce the demand for bank tellers. Technology, in this case, is a(n)

A. example of derived demand

B. aid to labor

C. substitute for labor

D. complement to labor