Question 1 (1 point) The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaStateUniversity, where all the professors belong to a union. Annual Quantity of Quantity of Salary workers demanded workers supplied $50,000 95 20 $60,000 80 30 $70,000 65 40 $80,000 50 50 $90,000 35 60 $100,000 20 70If no union existed, the equilibrium salary for economics professors will be O a) $90,000 O b) $100,000 O C) $80,000 O d) $70,000Question 2 (1 point) The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaStateUniversity, where all the professors belong to a union. Annual Quantity of Quantity of Salary workers demanded | workers supplied $50,000 95 20 $60,000 80 30 $70,000 65 40 $80,000 50 50 $90,000 35 60 $100,000 20 70 If the union has enough negotiating power to raise the annual salary by $20,000 more than a non-unionized university would be willing to pay, then there will be excess __. of labor of __ economics professors.\fQuestion 11 (1 point) Lance is a single father with 1 child. He can work as a bagger at the local grocery store for $6 per hour up to 1,204] hours peryear. He is eligible forwellare, and if he does not earn any income. he will receive $15,000 a year. If Lance works, the government policy is to deduct 60 cents from his welfare stipend for every $1 that he earns in income. When Lance works 1,290 hours, he receives in government support and his total income is |/\\| \\_/ a) $10,600, 5.15.000 l/\\| \\_/ b) $1000. $15,000 l/\\| \\_/ c} $1000. $17,000 l/\\| \\_/ d) 51.10500311300 Question 22 {1 point} Saved The group of government programs that provide assistance to the poor and the near- poor is synonymous with which of the following? |/\\| \\_/ a) povertyr net ICE/l b) safety net |/\\| \\_/ C} antipoverty net |/\\| \\_/ d) safety quintiles Question 24 (1 point) Every Lorenz curve diagram begins with a line ( a) upward sloping U-shape O b) sloping up at a 45-degree angle O c) sloping down at a 45-degree angle ( d) downward sloping hump shape