1. Name some factors that can cause a shift in the demand curve in labor markets
2. Name some factors that can cause a shift in the supply curve in labor markets.
3. Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect employers and how would it affect workers? In your opinion, would this be a good policy?
4. If the government imposed a federal interest rate ceiling of 20% on all loans, who would gain and who would lose?
5. Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers.
   1. The number of people at the most common ages for home-buying increases.
   2. People gain confidence that the economy is growing and that their jobs are secure.
6. Review the following figure. Suppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of $1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much?
7. Will demand curves have the same exact shape in all markets? If not, how will they differ?What does an upward-sloping supply curve mean about how sellers in a market will react to a higher price?
8. Will supply curves have the same shape in all markets? If not, how will they differ?
9. Does a price ceiling attempt to make a price higher or lower?
10. Use the four-step process to analyze the impact of the advent of the iPod (or other portable digital music players) on the equilibrium price and quantity of the Sony Walkman (or other portable audio cassette players).