Micro Econ Final
The major purpose of Medicare is to
provide health care services to people on Social Security.
The major objective of Medicaid is to
provide health care services to those receiving public assistance.
The highest quintile of households in the income distribution
receives about 51% of total income
Census data indicate that, as of 2014, the top fifth of all households receive about ________ times as much income as the bottom fifth.
sixteen
When the US 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.
Employer provided health insurance began in the US because
during WWII, wage and price controls force employers to use nonwage forms of compensation to attract workers
In 2014, a household with an annual income of $75000 would be in which quintile?
fourth lowest
The twin problems of the US health care industry are
rapidly rising costs and unequal access to health care
In 2014, the highest quintile of households in the US income distribution received about...
51% of income
Which of the following statements is true about health care costs in the US
costs have risen because both the price of health care and the quantity provided
Refer to the diagram, where curves (a) through (c) are Lorenz curves for five different countries. The Gini ration is lowest in
country (a)
Refer to the diagram, where curves (a) through (c) are Lorenz curves for five different countries. Income is distributed equally in
country (a) ( the diagonal line)
In 2014, the average income for households in the US Was
$68,426
The Gini ratio of income inequality ranges between
0-1
According to US census bureau data (2014), approximately how many illegal immigrants are estimated to be living continuously in the US
11 mill
Approximately how many workers are employed in the US health care industry
17 mill
Aggregate Us health care spending in 2014 was approximately
17.5% of domestic output (GDP)
According to the office of immigration statistics, approximately what percentage of legal immigrants to the US in 2013 were refugees or diversity immigrants
18%
In the quintile distribution of income, the term "quintile" represents
20 percent of income recievers
In the US, approximately how many doctors are there per 100,000 population
245
The US census estimates that from 2000 to 2009, the net inflow of illegal immigrants was about
250,000 annually
The lowest quintile of household in the income distribution receives about...
3.1% of income
Approximately how many millions of Americans did not have health insurance coverage in 2015
30
According to the office of immigration statistics, approximately what percentage of legal immigrants in 2013 were parents, children, sibling or other qualified relatives of legal permanent US residents
66%
In 2007, approximately what percentage of people in the US with private health insurance received it as an employer-provided benefit
88%
Approximately how many people became permanent legal resident of the US in 2013
990,550
The Gini ratio
A numerical measure of the overall dispersion of income
Employer-provided private health insurance in the US has resulted in
Incentive that encourage the overuse of health care
As a percentage of GDP, health care spending in the US has
Increased substantially since 1960
Which of the income distribution in the accompanying table is closest to describing the US
Lowest4% second10% third15% fourth23% fifth48%
In 2013, the greatest number of legal immigrants arriving in the US came from
Mexico and China
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.
Economic immigrants
are defined as international migrants motivated by economic gain.
Employer-provided private health insurance
is unique to the United States and not typically found in other countries.
The Lorenz curve
plots graphically the distribution of income
About ________ of recent annual labor force growth in the United States is the result of immigration.
one-half
About ________ of recent annual population growth in the United States is the result of immigration.
one-third
The Lorenz curve portrays
personal distribution of income
The price of medical care in the United States has:
risen faster that the overall price level
In 2014, a household with an annual income of $23000 would find itself in which quintile?
second lowest
