Econ Final Exam GOSH DARNIT
22. If a country has perfect income inequality, the Gini coefficient will be equal to:
1
16. After the effects of CVOID-19, the current rate in the United States is approximately:
17%
6. CHART - Based on the table, the optimal quantity for pollution abatement (reduction) is:
2000
Based on the table, if the wage is $70
4 Workers
34. Based on the figure, if the market wage is $100 the firm will employ ___ workers
6
Which percentage of a population is in the 3rd quintile?
60%
Based on the graph to fully account for the externality market requires:
A tax of $5
4. If the Income distribution becomes more equitable, the Lorenz curve...? The Gini Coefficient
Closer to; declines
From the 1960's to the 1970's, the overall poverty rate in the United States:
Decreased
33. If the cost of capital increases, the result will be a shift the labor ___ curve to the ____
Demand, right
28. Gary Becker's theory of economic discrimination argues that:
Employers who discriminate against women will lose profit opportunities
24. In the United States, someone who cannot afford health insurance will have a hard time finding affordable medical care. This means the market for health care is:
Excludable
5. A public good would be:
FM radio stations
7. For the measurement we used in this class, U.S. poverty thresholds are based on the affordability of:
Food
9. Which of the following is not negative externality?
Getting a flu shot
15. The U.S. has improved acid rain problems caused by sulfur dioxide since the 1980's by:
Implementing cap and trade for sulfur dioxide
11.Which of these is NOT a cause of income inequality?
Increase in the number of manufacturing jobs
36. The downward sloping marginal revenue product of labor represents an:
Individual firms demand for labor
Which of the following is NOT a factor causing poverty in opposed...
Lack of Human Capital
A recently retired pro baseball player had accumulated 15 million but is currently including part time at a local bar for 15,000
Low income and high wealth
3. The United States spends _____ on health care than any developed country and has ____ results
More; worse
32. Suppose demand for labor is highly elastic, such as the fact the labor market, Which statement would BEST describe the effect of a minimum wage law that increases the minimum wage rate by 20% if we assume that most fast food workers are earning minimum wage?
Number of workers demanded would drop by much more than 20%
38. Becky owns a bakery and is considering hiring two more workers, Janet and Bob. Suppose that the market wage for another worker is $100 per day. Janet would generate a marginal product of 5 cakes, which Bob would generate a marginal product of 4 cakes. If each cake sells for $20 each, what should Becky do?
Only hire Janet
If air pollution comes from multiple sources... among the parties is difficult to achieve because
Pollutions costs are too high
8. Which of the following is not a reason for market failure?
Private Goods
27. Many residents of puerto rico are moving to florida because of hurricane damage. This will result in a shift to the ___ for the labor ___ curve and an/a ____ in wages in the Florida labor market.
Right; supply; decrease
When positive consumption externalities are present, the social demand curve lies is the _____ of... private markets ______ the good
Right; underproduces
In competition labor markets, the going wage is
Set by the individual firms in the market
20. CHART - What explains the upward trend in this figure since measurements began at Maona Lao in 1998?
Shift from coal to natural gas guessed on this one
18. Without a mandate for everyone to participate in a health insurance plan, asymmetric information explain why:
Sick people are more likely to purchase health insurance than healthy people
According to John Rawls:
Society should maximize the welfare of the least well-off individual
Based on the table what must be TRUE about labor supply
The income effect dominates that substitution effect
Which of the following is NOT a market-based environmental policy approach?
Vehicle fuel economy standards
26. ___ is a stock measure of an individuals or households assets and net liabilities, at a given point in time.
Wealth
In the United States
Wealth distribution is less equal than income distribution
14. The socially optimal pollution is:
Where the marginal benefits of pollution abatement equal its marginal costs
If new tech makes steel workers more productive the result will be shift the labor:
demand; right
13. Bluefin tuna populations are approaching dangerously low levels due to overfishing. This is because BlueFin tuna are classified as:
nonexcludable , rival