IRSC Microeconomics final exam study guide 2023
Approximately how many people became permanent legal residents of the United States in 2013?
990,550
Refer to the diagram, where curves (a) through (e) are Lorenz curves for five different countries. Income is equally distributed in
Country a
Refer to the diagram, where curves (a) through (e) are for five different countries. Of the countries listed below, income is most unequally distributed in country
D
The H1-B provision of immigration law
allows 65,000 high-skilled workers in specialty occupations to enter and work in the United States for six years
The major purpose of Medicare is to
contain rising health care costs.
Employer-provided private health insurance
is unique to the United States and not typically found in other countries
Between 1960 and 2014, U.S. health care spending as a percentage of domestic output
more than tripled
The Lorenz curve
plots graphically the distribution of income.
The twin problems of the U.S. health care industry are
rapidly rising costs and unequal access to health care.
Housing subsidies for low-income households
represent a noncash transfer
The price of medical care in the United States has
risen faster than the overall price level.
The Gini ratio
s a numerical measure of the overall dispersion of income in a nation.
Which of the following Gini ratios indicates the highest degree of income inequality?
.78
The Gini ratio of income inequality ranges between
0 and 1
In 2007, approximately what percentage of people in the United States with private health insurance received it as an employer-provided benefit?
88
According to U.S. Census Bureau data (2014), approximately how many illegal immigrants are estimated to be living continuously in the United States?
11 million
The U.S. Census Bureau estimates that from 2000 to 2009, the net inflow of illegal immigrants was about
250,000 annually.
Which of the following is least likely to be considered economic immigration?
Alexander migrates to the United States because his political writings are censored in his home country.
Which of the following countries has the largest number of immigrants, as a percentage of the labor force (as of 2007)?
Australia
Brain drains
I term indicating substantial migration of individuals
Which of the following cases best illustrates economic immigration?
Julio migrated to Australia to take a job paying three times what he earned at home
How efficiency gains from migration
More people working allows for things to get done more efficiently
Income mobility
is the movement of individuals and households from one income quintile to another over time
Remittance
Transfer of money by a migrant worker across national boundries
Economic immigrants
are defined as international migrants motivated by economic gain.
As a percentage of GDP, U.S. health care spending is
higher than for any other major industrial country.
The movement of individuals and households from one income quintile to another over time is called
income mobility
As a percentage of GDP, health care spending in the United States has
increased substantially since 1960.
The major objective of Medicaid is to
provide health care services to those receiving public assistance
Human capital refers to
the accumulated knowledge and skills that allow a person to be productive
Human capital
the economic value of a worker's experience and skills
The primary motivation for economic immigration is
the opportunity to increase earnings and standard of living.
The Lorenz curve portrays
the personal distribution of income.
When the United States is described as having a dual system of health care, this means that
those Americans with good insurance or substantial wealth receive world-class health care, while those without insurance receive no or low-quality health care.