\"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px\"> Exam 4 \"
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Exam 4
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"questionNumberSpan">1.
Which of the following transactionsis a transfer payment?A.The government pays an employee by making a direct transfer tothe employee's bank account.B.A senior citizen receives a Social Security payment.C.All of these are transfer payments.D.An army officer, paid by the government, transfers part of themoney he receives to the government to pay his taxes.
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"questionNumberSpan">2.
Food stamps are an example of:A.a monetary benefit.B.a negative income tax.C.an in-kind benefit.D.unemployment insurance.
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"questionNumberSpan">3.
According to the marginalproductivity theory of income distribution, in a competitiveeconomy each factor of production is paid its equilibrium value ofthe marginal product.Answer TrueFalse
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Insurance companies try to overcomethe adverse selection problem byA.educating their policyholders about medical treatments.B.screening those who apply for coverage.C.contracting directly with physicians and hospitals.D.educating their policyholders about government benefits.
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The tendency for the healthiestpeople to be least likely to buy private health insurance is knownasA.adverse selection.B.preferential selection.C.healthy activity bias.D.customer preference.
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"questionNumberSpan">6.
Assume that perfect competitionexists in output and factor markets. The P = MC rulefor profit maximization implies the same level of labor use thatwould be implied by using the VMPL = Wrule.Answer TrueFalse
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"questionNumberSpan">7.
Which of the following examples of awage disparity is an example of compensating differentials?A.On average, white men get paid more than women of allethnicities.B.Tiger Woods gets paid more than a college professor.C.A nuclear scientist gets paid more than a janitor working inthe same building.D.A window washer working in a suburban residential subdivisiongets paid less than one who is washing windows on the outside of askyscraper.
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"questionNumberSpan">8.
When the demand for automobiles ishigh, the demand for workers who build automobiles is high. Thisrelation between the market for automobiles and the market for thelabor that builds automobiles is why demand in a factor market iscalled:A.a compensating differential.B.the marginal productivity theory of income distribution.C.the factor distribution of income.D.a derived demand.
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"questionNumberSpan">9.
A new teacher often makes less than ateacher with 20 years' experience because of:A.discrimination.B.efficiency wages.C.differences in physical capital.D.differences in human capital.
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"questionNumberSpan">10.
The single most important factorinfluencing children's later socioeconomic attainment is:A.geographic mobility.B.parental income.C.health care.D.education.
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"questionNumberSpan">11.
Time allocation refers to:A.how many hours unions will choose for their members towork.B.how many hours an employer should hire a worker for.C.how many hours people choose to spend on differentactivities.D.how different types of talents determine the wages people willearn.
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"questionNumberSpan">12.
Social Security is financed byA.an estate tax.B.a sales tax.C.a payroll tax.D.a property tax.
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"questionNumberSpan">13.
The poverty rate isA.the rate of increase in the minimum wage.B.the percentage of the population living below the povertythreshold.C.the growth rate of the population in poverty.D.the share of total national income received by the poorest 20percent of the population.
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"questionNumberSpan">14.
Which of the following is nota factor of production?A.steelB.landC.laborD.human capital
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"questionNumberSpan">15.
Which age group benefits the mostfrom income redistribution in the U.S.?A.18-35B.65 and overC.Under age 18D.36-64
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"questionNumberSpan">16.
Beyond some point, a higher wage mayinduce an individual to work ________, and the labor supply curvemay then ________.A.less; bend backwardB.harder; become verticalC.more; bend backwardD.more; slope downward
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"questionNumberSpan">17.
If programs of the welfare stateinvolve true economic costs in excess of their monetary costs, thenwe can say that theyA.will not be supported by anyone.B.are not consistent with the ability-to-pay principle.C.should be discontinued.D.generate a deadweight loss.
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"questionNumberSpan">18.
If a firm is currently operating at apoint at which the wage rate is below the value of the marginalproduct of labor,A.it is not earning any profit.B.it can add to its profit by hiring more workers.C.it can add to its profit by reducing the number of workershired.D.it is currently maximizing profit.
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"questionNumberSpan">19.
Manufactured resources such asequipment, buildings, and tools are also known as:A.human capital.B.physical capital.C.natural resources.D.labor.
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"questionNumberSpan">20.
An example of a social insuranceprogram is:A.expenditure on national defense.B.the food stamp program.C.purchasing a new city police car.D.Social Security payments to the disabled.
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"questionNumberSpan">21.
Using standard economic theory,Scientific Superconductors should continue hiring workersuntil:A.MPL × P = wage.B.MPL × P = demand.C.the quantity of labor supplied = the quantity of labordemanded.D.MPL × W = P.
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"questionNumberSpan">22.
A government payment to an individualor family is known asA.a security voucher.B.a government transfer.C.a government guarantee.D.a government bonus.
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"questionNumberSpan">23.
A means-tested program is one forwhichA.benefits are available only to families or individuals whoseincome falls below a certain level.B.benefits are available only to single-parent families.C.benefits are paid for only one year to any one recipient.D.only in-kind benefits are paid.
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"questionNumberSpan">24.
Brazil’s BolsaFamilia program provides grants to families who willA.start a family-run business.B.keep their children in school and go for regular medicalcheck-ups.C.move to areas where housing conditions are better.D.move to areas where jobs are available.
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"questionNumberSpan">25.
The Gini coefficient is a measureofA.the size of the welfare state.B.labor mobility.C.income inequality.D.the size of government transfers.
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"questionNumberSpan">26.
A price-taking firm will hire laborup to the point at whichA.the value of the marginal product of labor equals the wagerate.B.the marginal product of labor is maximized.C.the marginal product of labor equals the wage rate.D.the value of the marginal product of labor is zero.
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"questionNumberSpan">27.
A backward-bending labor supply curveis possible only if leisure is an inferior good.Answer TrueFalse
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"questionNumberSpan">28.
Which of the following is an input inthe production of croissants?A.dough mixersB.ovensC.flourD.pastry chefs
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"questionNumberSpan">29.
Following compensation of employees,what is the next largest share of factor income?A.Corporate profitsB.InterestC.Proprietor’s incomeD.Rent
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"questionNumberSpan">30.
Which of the following would decreasea firm’s demand for labor?A.An increase in the selling price of its product.B.An increase in the wage rate.C.A decrease in the wage rate.D.A decrease in the selling price of its product.
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"questionNumberSpan">31.
Which of the following would increasea firm’s demand for labor?A.A decrease in the selling price of its product.B.An increase in the wage rate.C.An increase in the selling price of its product.D.A decrease in the wage rate.
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"questionNumberSpan">32.
A nurse willing to work the midnightto 8 A.M. shift may make more than one who works 8 A.M. to 4 P.M.because of:A.discrimination.B.compensating differentials.C.efficiency wages.D.market power.
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"questionNumberSpan">33.
The programs of the welfare state areintended to alleviateA.economic recessions.B.the need for an education.C.the need for job training.D.economic insecurity and income inequality.
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"questionNumberSpan">34.
A factor that has been associatedwith the increase in income inequality in the United States isthe:A.decrease in households headed by single women.B.increase in immigration.C.slowdown in technological change.D.reduction in the percentage of the population over the age of65.
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"questionNumberSpan">35.
Scott's wage is $25 per hour and heworks 50 hours a week, which is his optimal labor supply. At hisoptimal labor supply, his marginal utility of one hour of leisureis equal to:A.the marginal utility he gets from less than $25 worth ofgoods.B.the marginal utility he gets from $25 worth of goods.C.the marginal utility he gets from more than $25 worth ofgoods.D.the substitution effect.
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"questionNumberSpan">36.
The ability-to-pay principle wouldsuggest thatA.the people who benefit the most from government programs shouldpay the highest taxes.B.families with very low incomes should receive payments out oftax revenue collected from others.C.everyone should contribute the same portion of their income intaxes.D.taxes should be tied to consumption, rather than toincome.
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"questionNumberSpan">37.
Medicare Part D was designed to payforA.preventive care.B.outpatient care.C.elective surgery.D.prescription drugs.
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"questionNumberSpan">38.
The opportunity cost of an extra hourof leisure is:A.the VMPL.B.$1.C.the same as the price of money.D.the hourly wage rate.
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"questionNumberSpan">39.
Studies of family income over timereveal that:A.most people in the lowest quintile tend to stay there overtheir lifetime.B.many people who move down the income ladder are young.C.many people who start out at the bottom of the income ladderwhen they are young move up the income ladder as they age and movedown again when they retire.D.income mobility is rare for all quintiles of the incomedistribution.
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"questionNumberSpan">40.
Which of the following governmenthealth care programs is/are means-tested?A.Medicare and MedicaidB.Medicaid onlyC.The Veterans Health Care Administration and MedicareD.Medicare only
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"questionNumberSpan">41.
An above-equilibrium wage that ispaid to motivate employee performance is known asA.a compensating wage.B.a union wage.C.a discriminatory wage.D.an efficiency wage.
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"questionNumberSpan">42.
Which of the followingcharacteristics increases one’s chances of beingpoor?A.Working full-time, rather than part-timeB.Having a college degreeC.Being part of a married coupleD.Being in a female-headed household with no husband present
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"questionNumberSpan">43.
Which of these four countries has thehighest Gini coefficient?A.CanadaB.SwedenC.AustraliaD.the United States
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"questionNumberSpan">44.
Human capital:A.has become less important due to the progress intechnology.B.consists of man-made resources such as buildings andmachines.C.is the improvement in labor created by education and knowledgethat is embodied in the workforce.D.is the improvement in labor created by education, which hasbecome less important due to the progress in technology.
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"questionNumberSpan">45.
Leisure is considered a normal good,since people:A.cannot consume more, since it is limited.B.find it to be a luxury to take time off from their jobs.C.consume more of it all the time.D.consume more of it when their incomes rise.
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"questionNumberSpan">46.
The improvement in labor created byeducation and knowledge is known asA.temporary capital.B.lifetime investment.C.human capital.D.life cycle investment.
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"questionNumberSpan">47.
Unemployment insurance is financedbyA.a tax on employers.B.a sales tax.C.a value-added tax.D.an income tax.
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"questionNumberSpan">48.
The most common source of a surge inexpenses that can create economic insecurity isA.a medical condition that requires expensive treatment.B.further job-related training.C.home repair expenses.D.a job-related move.
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"questionNumberSpan">49.
The welfare state is theA.set of state government programs intended to provide jobtraining.B.collection of government programs designed to alleviateeconomic hardship.C.set of federal government programs providing financialassistance for college education.D.collection of all government social programs.
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"questionNumberSpan">50.
The division of total income amonglabor, land, and capital is known asA.the wealth account.B.the factor distribution of income.C.the income account.D.the wealth allocation.
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"questionNumberSpan">51.
Programs designed to provideprotection against unpredictable financial distress are knownas:A.social insurance programs.B.government transfers.C.negative income tax programs.D.poverty programs.
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"questionNumberSpan">52.
The more work a person does, allother things unchanged, then the:A.less leisure he or she has.B.greater his or her free time.C.less income he or she has.D.greater his or her nonmarket use of time.
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"questionNumberSpan">53.
Manufactured resources used toproduce goods or provide services are known asA.flexible capital.B.hardware investment.C.lifetime capitalD.physical capital.
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"questionNumberSpan">54.
An efficiency wage describes awage rate that is:A.above the equilibrium wage and is paid in order to provideworkers with an incentive to perform efficiently.B.determined by collective bargaining between unions andmanagement.C.equal to the VMPL adjusted so as to make the structureof compensation more equitable.D.efficient because it is exactly equal to the wage rate impliedby the marginal productivity theory.
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"questionNumberSpan">55.
The demand for factors of productionis called a derived demand because it is:A.derived from the available supply of factors, such as land,that can be overexploited.B.derived on the basis of questions posed to residents during thecensus.C.derived from the demand for the outputs that are produced bythe factors of production.D.not easy to determine and must be derived by a technical (andoften complicated) process.
Explanation / Answer
? please clarify... its a bunch of gibberish...
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