Question

All but which of the following are likely goals of a government bureau manager?

• greater bureau output
• budget maximization
• ease of management
• profit maximization

Technologically determined demand means that __________.

• demand is calculated based on how much technology is involved in the final product
• the demand for product will require that more technology be added to the production function
• the demand for labor will depend on techniques of production and on technological progress
• consumers determine demand by using technology such as the Internet to indicate preferences

The typical American worker tends to have the highest personal income in __________.

• middle age
• retirement years
• youth
• the 20s to 30s
  

What market is the largest part of the resource market?

• land
• capital
• labor
• entrepreneurship

Among the following, which is the best definition of marginal revenue product of labor?

• the average market value per unit of all output
• the amount that an additional unit of output adds to the firm’s total revenue
• the amount that an additional unit of labor adds to the firm’s total revenue
• the market value per unit of the additional output
  

Technologically determined demand means that __________.

• demand is calculated based on how much technology is involved in the final product
• the demand for product will require that more technology be added to the production function
• the demand for labor will depend on techniques of production and on technological progress
• consumers determine demand by using technology such as the Internet to indicate preferences

The typical American worker tends to have the highest personal income in __________.

• middle age
• retirement years
• youth
• the 20s to 30s
  

What is the primary difference between welfare and workfare?

• Welfare offers benefits to any adult who is willing to work someday.
• Workfare appeals to legally disabled welfare recipients.
• Workfare offers services and job training to able welfare recipients.
• Welfare appeals to both liberal and conservative politicians.
  

In a perfectly competitive labor market, discrimination would not exist—primarily because __________.

• workers would refuse to accept jobs that were discriminatory
• it would be expensive and would cut into profits
• it would be against ethical concerns
• strong unions could negotiate a higher wage
  

Most forces that work to influence the type of governmental programs that are created by politicians __________.

• decrease the size of government
• produce more antipoverty solutions
• increase the size of government
• produce a more efficient government
  

All of the following are advantages of successful privatization EXCEPT __________.

• privatization may enable smaller groups to combine for purchasing services
• privatization may remove government from labor negotiations and retirement commitments
• privatization may encourage competition with its resulting efficiencies
• privatization may avoid taxes by moving revenue-consuming activities back to government
  

The rationale for allowing a monopoly supplier of government-provided goods is that __________.

• all rents go to the government
• the goods are of consistent quality
• rent seeking is prevented
• inefficient duplication is avoided

Answer 1

As per Chegg guidelines, in case of multiple questions only the first 4 questions are to be answered

Kindly ask rest of the questions in a separate post.

All but which of the following are likely goals of a government bureau manager?

greater bureau output

Reason: The goal of a government bureau manager is to produce greater output from its bureau or agency

Technologically determined demand means that __________.

consumers determine demand by using technology such as the Internet to indicate preferences

Reason: It is the demand for a good derived by use of specific technology

The typical American worker tends to have the highest personal income in __________.

retirement years

Reason: For a typical worker in US who spends most of his working years saving for his old age and retirement, it makes him have the highest personal income in his retirement years (from all the savings accumulated over the years)

What market is the largest part of the resource market?

labor

Reason: Labor makes up the largest part of the resource market, followed by capital

Among the following, which is the best definition of marginal revenue product of labor?

the amount that an additional unit of labor adds to the firm’s total revenue

Reason: It refers to the increase in total revenues made by the firm when an additional unit of labor is hired. It is the increase in the revenues generated from increase in output produced by the employment of additional unit of labor