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survey of economics

Questions and Answers of Survey Of Economics

7. True or False. The MB = MC level of immigration is likely to be achieved if we simply let in every person who wishes to immigrate to the United States. LO25.5
6. True or False. Research indicates that immigration causes large decreases in the average American wage. LO25.3
5. Migration between North Korea and South Korea has been prohibited since the end of the Korean War in 1953. South Korea is now much richer than North Korea and has a much higher marginal product of
4. Use the accompanying tables for Neon and Zeon to answer the questions that follow. Assume that the wage rate shown equals hourly output and income, and that the accumulated output and income are
3. True or False. Because older adults have more human capital, they are more likely to migrate to another country than younger adults. LO25.2
2. The primary reason people immigrate to the United States is: LO25.2a. To escape political or religious oppression back home.b. To reunite with family members.c. To improve earnings and living
1. Each year, the number of legal immigrants to the United States is ___________ the number of illegal immigrants. LO25.1a. Less than.b. Equal to.c. Greater than.d. Less than, but only in most years,
11. last word What was the single most important reason for the decline in illegal immigration between 2007 and 2009?What other factors were at play? Going forward, why might people think it more
10. If someone favors the free movement of labor within the United States, is it inconsistent for that person to also favor restrictions on the international movement of labor? Why or why not? LO25.5
9. Why are so many state and local governments greatly concerned about the federal government’s allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status
8. Why is each of these statements somewhat misleading?(a) “Illegal immigrants take only jobs that no American wants.”(b) “Deporting 100,000 illegal immigrants would create 100,000 job openings
7. In July 2007 The Wall Street Journal (WSJ) reported that a growing shortage of skilled labor in Eastern European countries such as Slovakia was driving up wages in key industries and reducing
6. What is a “brain drain” as it relates to international migration?If emigrants are highly educated and received greatly subsidized education in the home country, is there any justification for
5. Suppose initially that immigrant labor and native-born labor are complementary resources. Explain how substantial immigration might change the demand for native-born workers, altering their wages.
4. How might the output and income gains from immigration shown by the simple immigration model be affected by (a) unemployment in the originating nation, (b) remittances by immigrants to the home
3. Suppose that the projected lifetime earnings gains from migration exceed the costs of moving. Explain how the decision to move might be reversed when a person considers present value. LO25.2
2. In what respect is the economic decision to move across international borders an investment decision? Why do economic migrants move to some countries but not to others? Cite an example of an
1. Which of the following statements are true? Which are false?Explain why the false statements are untrue. LO25.1a. More immigrants arrive to the United States each year illegally than legally.b.
LO25.5 Demonstrate how economics can inform current immigration discussions and attempts to reform immigration laws.
LO25.4 Relate how illegal immigration affects employment and wages in low-wage labor markets and impacts state and local budgets.
LO25.3 Explain how immigration affects average wages, resource allocation, domestic output, and group income shares.
LO25.2 Discuss why economists view economic immigration as a personal human capital investment.
LO25.1 Describe the extent of legal and illegal immigration into the United States.
3. Preventive care is not always cost-effective. Suppose that it costs $100 per person to administer a screening exam for a particular disease. Also suppose that if the screening exam finds the
2. The federal tax code allows businesses but not individuals to deduct the cost of health insurance premiums from their taxable income. Consider a company named HeadBook that could either spend
1. Suppose that the price elasticity for hip replacement surgeries is 0.2. Further suppose that hip replacement surgeries are originally not covered by health insurance and that at a price of$50,000
7. True or False. Under the PPACA, Americans are free to decide for themselves whether or not they should have health insurance coverage. LO24.6
6. Ralph will consume any health care service just as long as its MB exceeds the money he must pay out of pocket. His insurance policy has a zero deductible and a 10 percent copay, so Ralph only has
5. By increasing demand, health insurance creates: LO24.4a. A deadweight loss related to overconsumption.b. A deadweight loss related to underconsumption.c. Neither of the above.
4. All MegaCorp employees who stay on the job for more than three years are rewarded with a 10 percent pay increase and coverage under a private health insurance plan that MegaCorp pays for. Tina
3. A patient named Jen visits Dr. Jan. Dr. Jan is nearly certain that Jen only has a cold. But because Dr. Jan is afraid of malpractice lawsuits, she orders an extensive battery of tests just to make
2. Which of the following make a person less likely to have health insurance? (Select one or more answers from the choices shown.) LO24.3a. Working for a larger firm.b. Being a low-wage worker.c.
1. Which of the following best describes the United States’ level of health care spending as compared to that of other nations?LO24.1a. The lowest of all nations.b. A bit lower than average.c.
18. last word What are the three major cost-reducing features of the Singapore health care system? Which one do you think has the largest effect on holding down the price of medical care in
17. What were the objections made by opponents of the PPACA? LO24.6
16. How does the PPACA attempt to ensure affordable health insurance for the poor? LO24.6
15. Why is the PPACA’s attempt to extend insurance coverage to all Americans so costly? How does the PPACA attempt to obtain the funds needed to extend insurance coverage to all Americans? LO24.6
14. What are health savings accounts (HSAs)? How might they reduce the overconsumption of health care resulting from traditional insurance? How might they introduce an element of price competition
13. What are (a) preferred provider organizations and (b) health maintenance organizations? In your answer, explain how each is designed to alleviate the overconsumption of health care LO24.5
12. What is the rationale for exempting a firm’s contribution to its workers’ health insurance from taxation as worker income?What is the impact of this exemption on allocative efficiency in the
11. How is the moral hazard problem relevant to the health care market? LO24.4
10. Using the concepts in Chapter 7’s discussion of consumer behavior, explain how health care insurance results in an overallocation of resources to the health care industry. Use a demand and
9. How do advances in medical technology and health insurance interact to drive up the cost of medical care? LO24.4
8. Briefly discuss the demand and supply factors that contribute to rising health costs. Specify how (a) asymmetric information,(b) fee-for-service payments, (c) defensive medicine, and(d) medical
7. What are the estimated income and price elasticities of demand for health care? How does each relate to rising health care costs? LO24.4
6. List the special characteristics of the U.S. health care market and specify how each affects health care problems LO24.3
5. What are the main groups without health insurance? LO24.3
4. What are the implications of rapidly rising health care prices and spending for (a) the growth of real wage rates, (b) government budgets, and (c) offshoring of U.S. jobs? Explain LO24.2
3. Briefly describe the main features of Medicare and Medicaid, indicating how each is financed LO24.1
2. What are the “twin problems” of the health care industry as viewed by society? How are they related? LO24.1
1. Why would increased spending as a percentage of GDP on, say, household appliances or education in a particular economy be regarded as economically desirable? Why, then, is there so much concern
LO24.6 Summarize the goals of the Patient Protection and Affordable Care Act and the major changes that it institutes.
LO24.5 Describe the cost-containment strategies that rely on altering the financial incentives facing either patients or health service providers.
LO24.4 List the demand and supply factors explaining rising health care costs.
LO24.3 Discuss the problem of limited access to health care for those without insurance.
LO24.2 Relate the economic implications of rising health care costs.
LO24.1 Convey important facts about rising health care costs in the United States.
4. The desire to maximize profits can work against racial and other types of discrimination. To see this, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is
3. In 2015, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2015 were about $23 per hour, and certain highly skilled
2. Imagine an economy with only two people. Larry earns$20,000 per year, while Roger earns $80,000 per year. As shown in the following figure, the Lorenz curve for this twoperson economy consists of
1. In 2015, Forbes magazine listed Bill Gates, the founder of Microsoft, as the richest person in the United States. His personal wealth was estimated to be $76 billion. Given that there were about
6. In the taste-for-discrimination model, an increase in employer prejudice against African-American workers would cause the discrimination coefficient to _______________ and the demand curve for
5. If women are crowded into elementary education and away from fire fighting, wages in fire fighting will tend to be _______________ than if women weren’t crowded into elementary education.
4. Suppose that the last dollar that Victoria receives as income brings her a marginal utility of 10 utils while the last dollar that Fredrick receives as income brings him a marginal utility of 15
3. Suppose that a society contains only two members, a lawyer named Monique and a handyman named James.Five years ago, Monique made $100,000 while James made$50,000. This year, Monique will make
2. Some part of income inequality is likely to be the result of discrimination.But other factors responsible for inequality include(select as many as apply): LO23.2a. Differences in abilities and
1. Suppose that the United States has a Gini ratio of 0.41 while Sweden has a Gini ratio of 0.31. Which country has a more equal distribution of income? LO23.1a. The United States.b. Sweden.c. They
15. last word Go to Table 1 in the Last Word and compute the ratio of average wealth to median wealth for each of the 7 years.What trend do you find? What is your explanation for the trend? The
14. Use a demand-and-supply model to explain the impact of occupational segregation or “crowding” on the relative wage rates and earnings of men and women. Who gains and who loses from the
13. Males under the age of 25 must pay far higher auto insurance premiums than females in this age group. How does this fact relate to statistical discrimination? Statistical discrimination implies
12. The labor demand and supply data in the following table relate to a single occupation. Use them to answer the questions that follow. Base your answers on the taste-for-discrimination model.
11. What are the essential differences between social insurance and public assistance programs? Why is Medicare a social insurance program, whereas Medicaid is a public assistance program?Why is the
10. How do government statisticians determine the poverty rate?How could the poverty rate fall while the number of people in poverty rises? Which group in each of the following pairs has the higher
9. Comment on or explain: LO23.4a. Endowing everyone with equal income will make for very unequal enjoyment and satisfaction.b. Equality is a “superior good”; the richer we become, the more of it
8. Do you agree or disagree? Explain your reasoning. “There need be no trade-off between equality and efficiency. An ‘efficient’economy that yields an income distribution that many regard as
7. Should a nation’s income be distributed to its members according to their contributions to the production of that total income or according to the members’ needs? Should society attempt to
6. What factors have contributed to increased income inequality since 1975? LO23.3
5. Briefly discuss the major causes of income inequality. With respect to income inequality, is there any difference between inheriting property and inheriting a high IQ? Explain. LO23.2
4. Why is the lifetime distribution of income more equal than the distribution in any specific year? LO23.1
3. How does the Gini ratio relate to the Lorenz curve? Why can’t the Gini ratio exceed 1? What is implied about the direction of income inequality if the Gini ratio declines from 0.42 to 0.35?How
2. Assume that Al, Beth, Carol, David, and Ed receive incomes of$500, $250, $125, $75, and $50, respectively. Construct and interpret a Lorenz curve for this five-person economy. What percentage of
1. Use quintiles to briefly summarize the degree of income inequality in the United States. How and to what extent does government reduce income inequality? LO23.1
LO23.7 Discuss labor market discrimination and how it might affect hiring decisions and wages.
LO23.6 Identify the major components of the income-maintenance program in the United States.
LO23.5 Relate how poverty is measured and its incidence by age, gender, ethnicity, and other characteristics.
LO23.4 Debate the economic arguments for and against income inequality.
LO23.3 Demonstrate how income inequality has changed since 1975.
LO23.2 Discuss the extent and sources of income inequality.
LO23.1 Explain how income inequality in the United States is measured and described.
4. In 2013, it was estimated that the total value of all corn-production subsidies in the United States totaled about $4.8 billion. The population of the United States was approximately 315 million
3. Suppose that 10 workers were required in 2010 to produce 40,000 bushels of wheat on a 1,000-acre farm. LO22.2a. What is the average output per acre? Per worker?b. If in 2020 only 8 workers produce
2. Suppose that both wheat and corn have an income elasticity of 0.1. LO22.1a. If the average income in the economy increases by 2 percent each year, by what percentage does the quantity demanded of
1. Suppose that corn currently costs $4 per bushel and that wheat currently costs $3 per bushel. Also assume that the price elasticity of corn is 0.10, while the price elasticity of wheat is 0.15.For
5. Which of the following are elements of current U.S. farm policy?LO22.5a. Farmers are free to choose how much to plant of any particular crop.b. Direct payments.c. Price supports.d. Countercyclical
4. The majority of farm subsidies flow toward .LO22.4a. Poor, small-scale farmers.b. Rich, large-scale farmers.c. Government employees.d. Grain wholesalers.
3. Suppose that the government has been supporting the price of corn. Its free market price is $2.50 per bushel, but the government has been setting a support price of $3.50 per bushel. Which of the
2. Use supply and demand curves to depict equilibrium price and output in a competitive market for some farm product. Then show how an above-equilibrium price floor (price support) would cause a
1. Suppose that the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of
14. last word What groups benefit and what groups lose from the U.S. sugar subsidy program?
13. Distinguish between price loss coverage and agricultural risk coverage. How do they help reduce the volatility of farm income?In what way do farm subsidies perpetuate the longstanding problem of

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