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Question 1The profit-maximizing firm equates the marginal benefit of labor to the marginal __________.cost of labor

production


units of labor


profit


question 2

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 __________.


students sacrifice a good deal of present income


status deserves more reward in the form of wages


long periods of schooling incur greater current costs


future income is worth less than present income


question 3

The demand for labor has three features. Which of the following is NOT one of those features?


talent and efficiency demand


interdependent demand


technologically determined demand


derived demand


question 4


If paying living expenses for a foster child in New York City makes the Iowan Reynolds family feel better, the child and the family have __________.


regional interdependencies


egalitarian philosophy and goals


interdependent utility functions


independent utility functions


question 5


Jonas is an elderly person living in poverty in rural Georgia. He is more likely to benefit from a redistribution policy that __________.


depends on productivity


is based on equality of results


seeks equality of opportunity


encourages economic growth


question 6


Jonas is an elderly person living in poverty in rural Georgia. He is more likely to benefit from a redistribution policy that __________.


depends on productivity


is based on equality of results


seeks equality of opportunity


encourages economic growth


question 7


Monopoly rent seeking is a(n) __________.


benefit to society


efficient allocation of resources


advantage for large corporations


extra cost of monopoly


question 8


The "rent" involved in rent seeking __________.


represents a transfer from producer to consumer


represents a transfer from producer to government


is artificially created by a government or quasigovernment unit


is artificially created by a monopoly or oligopoly


question 9


In public choice theory, what assumption is made regarding the private market?


The private market never fails; thus, there is no need for government intervention.


The private market may fail, but the government may also fail in attempting to correct the problem.


The private market may fail, but government will always improve the outcome.


The private market and the government both encourage public interest rather than self-interest.


question 10


Public choice theory suggests that voters are more likely to adopt proposals with long-delayed benefits if the __________.


benefits favor one region over another, so that there is the opportunity for logrolling


benefits are dispersed rather than concentrated


costs can be delayed or concealed


costs are presented as present values

Answer & Explanation
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