Suppose the football team at your university wins 10 games in a row. The following will be a possible outcome of this event in the market for football tickets:
A. The equilibrium price and the equilibrium quantity will increase
B. The equilibrium price will decrease and the equilibrium quantity will increase
C. The equilibrium price and the equilibrium quantity will decrease
D. The equilibrium price will increase and the equilibrium quantity will decrease
Answer: A
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Refer to Table 4-8. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.00; Q = 410,000 B) W = $9.50; Q = 420,000 C) W = $8.00; Q = 390,000 D) W = $8.50; Q = 400,000
Sharon was being treated unfairly by her boss, so she stormed off the job and two days later found another position. For two days, Sharon experienced:
a. cyclical unemployment. b. structural unemployment. c. seasonal unemployment. d. frictional unemployment. e. being out of the labor force.
The manufacturer of Beanie Baby dolls used quarterly price data for 2005 I - 2013 IV (t = 1, ..., 36) and the regression equationPt = a + bt + c1D1t + c2D2t + c3D3tto forecast doll prices in the year 2014. Pt is the quarterly price of dolls, and D1t, D2t, and D3t are dummy variables for quarters I, II, and III, respectively. 
At the 2 percent level of statistical significance, is there a statistically significant trend in the price of dolls?
A. Yes, because 3.33 > 0.02. B. Yes, because 0.800 > 0.02. C. Yes, because 0.0022 < 0.02. D. No, because 0.0022 > 0.02. E. Yes, because 0.240 > 0.02.
How would imposing a minimum wage above the market-clearing wage affect employment in a competitive labor market?
A. Employment would increase as firms would illegally hire workers below the original competitive wage. B. Employment would increase as previously unemployed workers would be more encouraged to find a job. C. Employment would be unchanged as workers are nonresponsive to low wages. D. Employment would decrease as some workers who are willing to work at the lower competitive wage would no longer be able to find work. E. Employment would increase because a higher minimum wage would create more jobs for low-skilled workers.