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Question #1: An optimizing consumer will select a consumption bundle in which utility is maximizedA. as long as prices are minimized.B. when income is maximized.C. if indifference curves are linear.D. subject to constraints imposed by the budget.Question #2: Taxi drivers in large cities are likely to earn more than taxi drivers in rural areas earn. One reason for this wage differential could be thatA. driving in a large city is more fun than driving in a rural area.B. driving in a large city is easier than driving in a rural area.C. a taxi driver in a large city is unlikely to hit or be hit by an animal.D. driving a taxi in a large city is more dangerous than driving in a rural area.Question 3: Which of the following statements about minimum-wage laws is correct?A. Minimum-wage laws force a market imbalance between the supply and demand for labor.B. Minimum-wage laws increase the efficiency of labor markets.C. Minimum-wage laws are typically associated with a rise in employment among the poor.D. Minimum-wage laws are most effective at alleviating poverty when labor demand is highly elastic.Thanks!
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