ECO 204 Week 5 Quiz | Assignment Help | Ashford University
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- 03 Dec 2020
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ECO 204 Week 5 Quiz | Assignment Help | Ashford University
Week 5 - Quiz
Question 1
Among the following, which is the best definition of
marginal revenue product of labor?
o
the average market value per unit of all
output
o
the amount that an additional unit of
output adds to the firm’s total revenue Correct!
o
the amount that an additional unit of
labor adds to the firm’s total revenue
o
the market value per unit of the
additional output
Question 2
Technologically determined demand means that
__________.
o
demand is calculated based on how much
technology is involved in the final product
o
consumers determine demand by using
technology such as the Internet to indicate preferences
o
the demand for product will require that
more technology be added to the production function
o
the demand for labor will depend on
techniques of production and on technological progress
Question 3
What first appeared in the late 1700s and early
1800s as a response to poor working conditions and wage reductions?
o
guilds
o
labor unions
o
labor mediators
o
employee councils
Question 4
What is the primary difference between welfare and
workfare?
o
Workfare offers services and job
training to able welfare recipients.
o
Welfare appeals to both liberal and
conservative politicians.
o
Workfare appeals to legally disabled
welfare recipients.
o
Welfare offers benefits to any adult who
is willing to work someday.
Question 5
In the country of Wakanda, all incomes are
distributed in equal shares. Consequently, Wakanda’s Gini coefficient has a
value of __________.
o
−1
o
0.5
o
0
o
1
Question 6
The poverty measure used in the United States
includes all but which of the following as income?
o
Temporary Assistance for Needy Families
o
unemployment compensation
o
Social Security payments
o
food stamps
Question 7
Monopoly rent seeking is a(n) __________.
o
extra cost of monopoly
o
benefit to society
o
advantage for large corporations
o
efficient allocation of resources
Question 8
Proposals that abolish existing programs or reduce
public spending __________.
o
have a low probability of being adopted
o
are generally unpopular yet often
adopted
o
have a high probability of being adopted
o
are generally popular yet rarely adopted
Question 9
In public choice theory, what assumption is made
regarding the private market?
o
The private market and the government
both encourage public interest rather than self-interest.
o
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.
o
The private market may fail, but
government will always improve the outcome.
Question 10
All but which of the following are likely goals of a
government bureau manager?
o
budget maximization
o
greater bureau output
o
profit maximization
o
ease of management
USA 
India