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