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Multiple Choice Quiz
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1
Poverty is
A)not easily defined.
B)concerned with the relationship between minimum needs of people and their ability to satisfy them.
C)essentially an income distribution problem.
D)all of the above.
2
A major cause of poverty in the U.S. is
A)inflation.
B)exploitation of workers by capitalists.
C)the low productivity of people's resources.
D)the scarcity of labor and capital in existence.
3
An unequal distribution of income in the U.S. is primarily due to
A)unsound monetary policies of the Federal Reserve System.
B)laziness on the part of the poor.
C)restrictive labor union policies.
D)an unequal distribution of labor and capital resources.
4
Charging men and women different prices to dry clean the same shirt is an example of
A)Price discrimination.
B)Occupational segragation.
C)Non-market discrimination.
D)Wage discrimination.
5
That there are more male then female nurses is an example of
A)Price discrimination.
B)Occupational segregation.
C)Non-market discrimination.
D)Wage discrimination.
6
The marginal productivity theory of wages
A)explains why some people are poor.
B)has nothing to do with poverty.
C)explains why some workers are paid a wage rate below what they are worth to employers.
D)none of the above.
7
The cost of a negative income tax plan varies indirectly with the
A)guaranteed level of income.
B)negative income tax payment.
C)number of persons living below the poverty line.
D)none of the above.
8
The official poverty definition in the U.S. is "an income inadequate to provide"
A)minimum biological needs.
B)three times the cost of an economy food budget.
C)the income of the poorest 8% of the families.
D)the average welfare allowance.
9
Income equality among families means
A)all families receive the same income.
B)any given percent of families receives an equal percent of income.
C)a more equal distribution of income among families should mitigate the poverty problem.
D)there is a Lorenz curve for the economy.
10
The capacity utilization rate is the ratio of
A)earnings capacity to the person's age.
B)the share of income received by the top 5% of the population divided by the share of income of the lowest 5%.
C)actual earnings to earnings capacity.
D)none of the above.
11
Suppose a male and female mechanic have the same education and experience but the male is paid more per hour. This indicates
A)price discrimination.
B)occupational segregation.
C)non-market discrimination.
D)wage discrimination.
12
The market demand for labor is
A)dependent on the demand for the product produced.
B)negatively sloped because of the law of diminishing returns.
C)the summation of each firm's marginal revenue product.
D)all of the above.
13
The supply curve for labor is positively sloped because
A)a wage increase increases the cost of leisure.
B)the income effect dominates the substitution effect.
C)a higher wage allows the same income to be earned with fewer hours.
D)all of the above.
14
What should a non-discriminating monopolist do if workers' MRP is greater than the prevailing wage rate?
A)hire more workers.
B)lay workers off.
C)raise the wage rate.
D)lower the wage rate.
15
Suppose the minimum guaranteed income is $5000 and the negative tax rate is 50%. Under this plan, a family of four earning $3000 would have a disposable income of
A)$3000.
B)$4500.
C)$6500.
D)$8000.





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