1.International earnings elasticities in the U.S., Japan, and Norway are 0.6, 0.

ID: 1219041 • Letter: 1

Question

1.International earnings elasticities in the U.S., Japan, and Norway are 0.6, 0.3, and 0.2 respectively.

Which country has the highest and lowest rates of economic mobility?

a)U.S. highest, Japan lowest;

b)U.S. highest, Norway lowest;

c)Norway highest, U.S. lowest;

d)Japan highest, U.S. and Norway lowest

2. The official poverty line in the U.S. is calculated based on _____

a)transportation costs,

b) rental costs,

c)the socioeconomic distribution of income,

d) food costs

3. An example of incentives-based welfare is _____

a) minimum wage,

b) Earned Income Tax Credit,

c) social security (old age),

d) Affordable Care Act

4. Since the mid-1970s, the poverty rate has

a)declined,

b)remained stable,

c) increase

Answer 1:

Option B. High international elasticity means high rate of economic mobility.

Answer 2: Option D.

Answer 3: Option B. It depends on the recipients' income and number of children.

Answer 4: Option B

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