5. ECO1050 u10q1 Question 15 (Points: 3) How does the supply curve of high-skill

Question

5. ECO1050 u10q1 Question 15 (Points: 3)
How does the supply curve of high-skilled workers compare to the supply curve of low-skilled workers? (3 points).



1. Because skills are inexpensive to acquire, at any given wage rate the quantity supplied of high-skilled workers is less than that of low-skilled workers.

2. Because skills are costly to acquire, at a given wage rate the quantity supplied of high-skilled workers is greater than that of low-skilled workers.

3. Because skills are inexpensive to acquire, at any given wage rate the quantity supplied of high-skilled workers is greater than that of low-skilled workers.

4. Because skills are costly to acquire, at any given wage rate the quantity supplied of high-skilled workers is less than that of low-skilled workers.

Save Answer

16. ECO1050 u10q1 Question 16 (Points: 4)
What happens if buyers discriminate against women and minorities? (4 points).



1. The wage rate paid to women and minorities is less than otherwise.

2. The value of the marginal product of women and minorities is less than otherwise.

3. Fewer women and minorities are hired than otherwise.

4. All of the above answers are correct.

Save Answer

17. ECO1050 u10q1 Question 17 (Points: 3)
Looking at wage differentials between white men and other groups in the United States, what do we see? (3 points).



1. Black men earn less than white men and slightly less than white women.

2. White men and white women earn about the same but minorities earn less.

3. White men and black men earn about the same, but women of all races earn less.

4. White men earn more than black men, but white women earn less than black men.

Save Answer

18. ECO1050 u10q1 Question 18 (Points: 3)
In the United States, how would we describe the federal and state income tax systems? (3 points).



1. They are progressive.

2. They are regressive.

3. They are proportional.

4. None of the above answers is correct.

Save Answer

19. ECO1050 u10q1 Question 19 (Points: 3)
Sources of income at different points of the income distribution show which of the following? (3 points).



1. The poorest 20% of households receive more than 70% of their income from the government.

2. The richest 20% of households receive almost no income from the government.

3. The richest 20% of households receive one-third of their income from capital in the form of interest and dividends.

4. All of the above answers are correct.

Save Answer

20. ECO1050 u10q1 Question 20 (Points: 4)
One of the major sources of deadweight loss is the fact that taxing people's income from their work and savings leads to ____ incentives to work and save, which in turn leads to a ____ output and less consumption. (4 points).



1. Lower, higher.

2. Higher, higher.

3. Higher, lower.

4. Lower, lower.

Save Answer

21. ECO1050 u10q1 Question 21 (Points: 3)
A negative income tax is a system that, in part, does this. (3 points).



1. Taxes lower-income households at a higher rate.

2. Taxes higher-income households at a higher rate.

3. Guarantees a minimum level of income for all households.

4. Gives money from taxes paid by the poor to wealthy investors

Save Answer

22. ECO1050 u10q1 Question 22 (Points: 4)
Suppose the government guarantees every household an income of $10,000 and taxes all market income at a flat tax rate of 20%. The breakeven income (the income at which the tax paid equals the guaranteed income) equals this amount (4 points).



1. $30,000.

2. $40,000.

3. $50,000.

4. $60,000.

Save Answer

23. ECO1050 u10q1 Question 23 (Points: 4)
Suppose the government guarantees every household an income of $10,000 and taxes all market income at a flat tax rate of 20%. If a household pays $20,000 in income taxes, the household income must be equal to this amount. (4 points).



1. $60,000.

2. $80,000.

3. $100,000.

4. $200,000.

Save Answer

24. ECO1050 u10q1 Question 24 (Points: 4)
What happens because debts cannot be bequeathed? (4 points).



1. A negative income tax would be inefficient.

2. The value of marginal product is higher for certain groups of workers.

3. Capital is more likely to be unequally distributed.

4. The value of marginal product is lower for certain groups of workers.

Save Answer

25. ECO1050 u10q1 Question 25 (Points: 4)
Which of the following statements correctly describes how taxes redistribute income across different households in an economy? (4 points).



1. The poorest 20% of households receive 20% of their income from the government.

2. The richest 40% of households increase their share of income.

3. The poorest 60% of households increase their share of income.

4. A negative income tax operates like a progressive income tax on the rich.

Save Answer

26. ECO1050 u10q1 Question 26 (Points: 3)
In the United States, what has happened since 1983? (3 points).



1. The share of wealth owned by the richest 1% of households has decreased, and the share owned by the other 99% of households has increased.

2. The share of wealth owned by the richest 1% of households has not changes, and the share owned by the other 99% of households has not changed.

3. The share of wealth owned by the richest 1% of households has increased, and the share owned by the other 99% of households has decreased.

4. The share of wealth owned by the richest 1% of households has increased, and the share owned by the other 99% of households has increased.

Save Answer

27. ECO1050 u10q1 Question 27 (Points: 3)
What are three types of income maintenance programs used by the United States? (3 points).



1. Social Security programs, OASDHI, and income taxes.

2. Income taxes, Social Security, and the earned income tax credit.

3. Welfare programs, income taxes, and the earned income tax credit.

4. Social Security programs, unemployment compensation, and welfare programs.

Save Answer

28. ECO1050 u10q1 Question 28 (Points: 3)
What are the three main ways governments in the United States redistribute income? (3 points).



1. Income taxes, income maintenance programs, and subsidized services.

2. Private property rights, income taxes, and the minimum wage.

3. Income taxes, rent control, and food stamps.

4. Using the rule of law, subsidized services, and income taxes.

Save Answer

29. ECO1050 u10q1 Question 29 (Points: 3)
Which of the following statements is correct? (3 points).



1. Social Security is a compulsory program paid for by payroll taxes.

2. Social Security is a compulsory program paid for by government money.

3. Social Security is a voluntary program paid for by income taxes.

4. Social Security is a voluntary program paid for by payroll taxes.

Explanation / Answer

Hi I have done the solution for this in my notebook. But the solution is too big , I cannot type it here because very less time is remaining.. So please rate me Lifesaver and I'll share the answer with you through email or cramster inbox. I don't do this generally, but I have no other option here because there's very less time left... you need not worry as I have the solution ready

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.