Question
Question 1 1pts Salaries for professions (such as architect or medical doctor) that require a long period of study are typically higher than those for
Question 1
1pts
Salaries for professions (such as architect or medical doctor) that require a long period of study are typically higher than those for other jobs. The reasons for this are all of the following EXCEPT __________.
Group of answer choices
students sacrifice a good deal of present income
long periods of schooling incur greater current costs
future income is worth less than present income
status deserves more reward in the form of wages
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Question 2
1pts
In a competitive labor market, the interaction of the value of the marginal product of labor and the supply of labor determines the __________.
Group of answer choices
product distribution
product cost
wage rate
number of workers
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Question 3
1pts
The greater the degree of substitutability in production, the __________.
Group of answer choices
greater will be the price elasticity of the demand for labor
less important the input is in the cost structure of the product
smaller the price elasticity of demand will be for the product
greater will be the price elasticity of demand for the product
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Question 4
1pts
The poverty measure used in the United States includes all but which of the following as income?
Group of answer choices
Temporary Assistance for Needy Families
Social Security payments
unemployment compensation
food stamps
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Question 5
1pts
In 1964, when official poverty standards were established in the United States, a typical family spent __________ of its income on food.
Group of answer choices
one fifth
one fourth
one half
one third
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Question 6
1pts
Jonas is an elderly person living in poverty in rural Georgia. He is more likely to benefit from a redistribution policy that __________.
Group of answer choices
encourages economic growth
depends on productivity
seeks equality of opportunity
is based on equality of results
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Question 7
1pts
Private prisons are an example of privatization through __________.
Group of answer choices
tax incentivizing
subsidizing
contracting
franchising
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Question 8
1pts
Public choice theory represents the intersection of what two disciplines?
Group of answer choices
macroeconomics and microeconomics
theoretical and applied economics
economics and political science
economics and management
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Question 9
1pts
The "rent" involved in rent seeking __________.
Group of answer choices
is artificially created by a government or quasigovernment unit
represents a transfer from producer to consumer
represents a transfer from producer to government
is artificially created by a monopoly or oligopoly
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Question 10
1pts
The commitment of scarce resources to capture returns created politically is called __________.
Group of answer choices
rent seeking
cost minimizing
logrolling
profit maximizing
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