Filters
Question type
Study Flashcards

Aniella believes that the demand for unskilled labor is relatively inelastic. Carmella believes that the demand for unskilled labor is relatively elastic. Which is an advocate of minimum-wage laws?

Correct Answer

verifed

verified

Figure 20-1 Number of Poor Figure 20-1 Number of Poor -Refer to Figure 20-1. Between 1959 and 2011 the poverty rate has A) increased overall. B) decreased overall. C) stayed the same overall. D) moved in the opposite direction of the number of people in poverty. -Refer to Figure 20-1. Between 1959 and 2011 the poverty rate has


A) increased overall.
B) decreased overall.
C) stayed the same overall.
D) moved in the opposite direction of the number of people in poverty.

E) B) and D)
F) A) and D)

Correct Answer

verifed

verified

Approximately what fraction of total income in the US economy comes from labor earnings?

Correct Answer

verifed

verified

The invisible hand of the marketplace acts to allocate resources efficiently, but it does not necessarily ensure that resources are allocated fairly.

A) True
B) False

Correct Answer

verifed

verified

With which three demographic variables is poverty correlated?

Correct Answer

verifed

verified

race, age,...

View Answer

Which of the following is not correct?


A) Poverty is correlated with race.
B) Poverty is correlated with age.
C) Poverty is correlated with family composition.
D) All of the above are correct.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Saving and borrowing is indicative of a family that


A) is most likely to be poor.
B) has a difficult time balancing its standard of living.
C) does not adjust its standard of living to reflect transitory changes in income.
D) is most likely millionaires.

E) All of the above
F) A) and B)

Correct Answer

verifed

verified

About four out of five millionaires in the United States earned their money rather than inherited it.

A) True
B) False

Correct Answer

verifed

verified

Assume you are a critic of welfare reforms that impose a time limit on the number of years a person is eligible for welfare benefits. What is the foundation of your critique?

Correct Answer

verifed

verified

The critique is based on the premise tha...

View Answer

The United States has more income inequality than Brazil and South Africa.

A) True
B) False

Correct Answer

verifed

verified

Table 20-11 Poverty Thresholds in 2011, by Size of Family and Number of Related Children Under 18 Years [Dollars] Table 20-11 Poverty Thresholds in 2011, by Size of Family and Number of Related Children Under 18 Years [Dollars] Source: U. S. Bureau of the Census, Current Population Survey. -Refer to Table 20-11. What is the poverty line for a family of three with one child? A) $17,595 B) $18,106 C) $18,123 D) $22,891 Source: U. S. Bureau of the Census, Current Population Survey. -Refer to Table 20-11. What is the poverty line for a family of three with one child?


A) $17,595
B) $18,106
C) $18,123
D) $22,891

E) B) and C)
F) A) and C)

Correct Answer

verifed

verified

-Refer to Table 20-13. If the poverty rate in Imagination is 25%, in what income range on the table is the poverty line? -Refer to Table 20-13. If the poverty rate in Imagination is 25%, in what income range on the table is the poverty line?

Correct Answer

verifed

verified

between $1...

View Answer

The study by economists Cox and Alm found


A) the gap between rich and poor shrinks greatly if using after-tax income compared with pre-tax income.
B) the gap between rich and poor shrinks slightly if using after-tax income compared with pre-tax income.
C) the gap between rich and poor widens slightly if using after-tax income compared with pre-tax income.
D) the gap between rich and poor widens greatly if using after-tax income compared with pre-tax income.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Table 20-10 Table 20-10 *A Gini coefficient is a commonly used measure of income inequality, with values between 0 and 1 (0 corresponds to perfect equality whereby everyone has exactly the same income, and 1 corresponds to perfect inequality where one person has all the income, while everyone else has zero income) . Source: The World Bank -Refer to Table 20-10. Which of the following statements is correct? A) Latvia has the most unequal distribution of income. B) France has a more equal distribution of income than Italy. C) Sweden has the most equal distribution of income. D) All of the above are correct. *A Gini coefficient is a commonly used measure of income inequality, with values between 0 and 1 (0 corresponds to perfect equality whereby everyone has exactly the same income, and 1 corresponds to perfect inequality where one person has all the income, while everyone else has zero income) . Source: The World Bank -Refer to Table 20-10. Which of the following statements is correct?


A) Latvia has the most unequal distribution of income.
B) France has a more equal distribution of income than Italy.
C) Sweden has the most equal distribution of income.
D) All of the above are correct.

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

Scenario 20-7 Suppose the government implemented a negative income tax and used the following formula to compute a family's tax liability: Taxes owed = (1/6 of income) - $24,000 -Refer to Scenario 20-7. A family earning $120,000 before taxes would have how much after-tax income?


A) -$4,000
B) $96,000
C) $116,000
D) $124,000

E) C) and D)
F) A) and B)

Correct Answer

verifed

verified

Which of the following is an advantage of an in-kind transfer in comparison to a cash payment?


A) In-kind transfers cost less to administer than cash transfers.
B) In-kind transfers restrict the use of the benefit; thus, recipients receive necessities such as food and health care.
C) In-kind transfers are more efficient than cash transfers.
D) In-kind transfers give the recipient more utility than cash transfers.

E) B) and C)
F) A) and B)

Correct Answer

verifed

verified

Suppose the government used the following formula to compute a family's tax liability: Taxes owed = 28% of income - $8,000. How much would a family that earned $20,000 owe?


A) -$8,000
B) -$2,400
C) $0
D) $2,400

E) A) and B)
F) None of the above

Correct Answer

verifed

verified

Which of the following formulas is most representative of a negative income tax proposal?


A) Taxes Owed = (1/4 of Income) Which of the following formulas is most representative of a negative income tax proposal? A) Taxes Owed = (1/4 of Income) $2 B) Taxes Owed = (1/2 of Income) 3/4 C) Taxes Owed = (1/2 of Income) + $10,000 D) Taxes Owed = (1/3 of Income) - $10,000 $2
B) Taxes Owed = (1/2 of Income) Which of the following formulas is most representative of a negative income tax proposal? A) Taxes Owed = (1/4 of Income) $2 B) Taxes Owed = (1/2 of Income) 3/4 C) Taxes Owed = (1/2 of Income) + $10,000 D) Taxes Owed = (1/3 of Income) - $10,000 3/4
C) Taxes Owed = (1/2 of Income) + $10,000
D) Taxes Owed = (1/3 of Income) - $10,000

E) All of the above
F) None of the above

Correct Answer

verifed

verified

Measures of poverty that fail to account for the value of in-kind transfers


A) understate the actual poverty rate.
B) have little effect on the validity of reported poverty rates.
C) are generally more reliable measures of actual poverty rates.
D) overstate the actual poverty rate.

E) A) and D)
F) B) and C)

Correct Answer

verifed

verified

The poverty line is adjusted each year to reflect changes in the


A) number of people currently on public assistance.
B) level of prices.
C) nutritional content of an "adequate" diet.
D) size of a family.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Showing 361 - 380 of 478

Related Exams

Exam 1

Ten Principles of Economics

455 Questions

Exam 2

Thinking Like an Economist

645 Questions

Exam 3

Interdependence and the Gains From Trade

550 Questions

Exam 4

The Market Forces of Supply and Demand

693 Questions

Exam 5

Elasticity and Its Application

625 Questions

Exam 6

Supply, Demand, and Government Policies

671 Questions

Exam 7

Consumers, Producers, and the Efficiency of Markets

547 Questions

Exam 8

Application: The Costs of Taxation

507 Questions

Exam 9

Application: International Trade

521 Questions

Exam 10

Externalities

543 Questions

Exam 11

Public Goods and Common Resources

453 Questions

Exam 12

The Design of the Tax System

563 Questions

Exam 13

The Costs of Production

649 Questions

Exam 14

Firms in Competitive Markets

608 Questions

Exam 15

Monopoly

662 Questions

Exam 16

Monopolistic Competition

649 Questions

Exam 17

Oligopoly

522 Questions

Exam 18

The Markets for the Factors of Production

592 Questions

Exam 19

Earnings and Discrimination

511 Questions

Exam 21

The Theory of Consumer Choice

568 Questions

Exam 22

Frontiers in Microeconomics

461 Questions

Show Answer