Ohio University Econ Micro Final [email protected]
#24 The productivity standard says what?
"To each according to what she or he produces"
#26 Official poverty level in the United States includes what?
12%
#4 If a firm hires 312 workers and they can produce 4522 units of output, then it hires an additional worker to make them have 313 employees, able to produce 4786 units of output, the marginal physical product of labor equals what?
264 units
#20 According to the text, the lower half of US households earn about what percentage of total income?
28%
#23 Most individuals income peaks when they are about _______.
50 years old.
#21 Income inequality is greatest in which of these four countries?
??? NOT IN SLIDES. BRITIAN, FRANCE, JAPAN, US IN THE SLIDES. Slides only mention China.
#36 When you see a commercial telling you to look for the union label, the union is trying to do what?
????? NOT IN SLIDES
#30 Other things being equal, a national healthcare program should _______.
????? NOT IN SLIDES. INCREASE LIFE EXPECTANCY, REDUCE INFANT MORTALITY, REDUCE PREMIUM PAYMENTS, TAKE INTO CONSIDERATION PREEXISTING CONDITIONS, MAINTAIN CHILDREN
#5 In a perfectly competitive industry an individual firm faces what?
????? NOT IN SLIDES. LOOKING AT THE SUPPLY CURVE (UNIT, INELASTIC or ELASTIC) CANT FIND IN PPT.
#10 If a firm wants to maximize profits it should _______.
????? NOT IN SLIDES. LOOKING FOR SLIDES THAT TALKS ABOUT MARGINAL PHYSICAL PRODUCT AND MARGINAL REVENUE PRODUCt
#25 Under the social security program currently in existence, what happens?
????? NOT IN SLIDES. NOT NEED BASED, NOT GUARANTEED PAYMENTS. KEY WORD IS IN ONE OF THE TWO ANSWERS ABOUT CONTRIBUTING TO THE SYSTEM.
#38 Typically the main cost of pursuing a college education is _______.
????? NOT IN SLIDES. NOT TUITION
#47 What is the lorenz curve?
A geometric representation of the distribution of income
#31 United Autoworkers is an example of what?
A labor union.
#34 What is the definition of a union shop?
A place of work where employers may hire nonunion workers who must join a labor union within an agreed time.
#52 What is the definition of an externality?
An activity that affects other parties without this being reflected in the cost of the goods or services involved, such as the pollination.
#48 What is the endangered species act.
An attempt to keep species from dying out.
#16 What is the definition of feather bedding?
Any practice that forces employers to use more labor than they would otherwise, or to use existing labor in an inefficient manner
#51 A situation in which the costs of an action are not fully born by the two parties engaged in the exchange is called what?
Externality
#35 What is the definition of the Wagner Act?
Granted workers the right to form unions and bargain collectively
#28 A tax exempt healthcare account in to which individuals can pay on a regular basis and you pay medical expenses out of it is called what?
Health savings account
#11 Labor unions that consist of workers from a particular industry (auto, steel) are called what?
Industrial unions
#39 Much of a persons increased productivity can be linked to what?
Labor unions reducing labor turnover
#3 Other things held constant, after some point hiring additional units of labor will cause the marginal physical product of labor to decline because _______.
Law of diminishing marginal product.
#13 Definition of a right to work law.
Laws that make it illegal to require union membership as a condition of continuing employment in a particular firm
#22 The age earning cycle shows an individual typically earning what?
Low at 18, peak at 50, fall until retirement.
#1 If a firm employs an extra unit of labor, the additional output generated by employing the extra unit of labor is _______.
Marginal physical product of labor.
#2 A contribution to total revenues coming from the next extra worker hired is _______.
Marginal revenue product.
#41 Which of the following groups of US citizens would likely quality for social security benefits.
No way to study
#40 Which of the following statement is an accurate description of the Social Security program?
No way to study.
#6 Employment of labor in a country other than the firms home country is called what?
Outsourcing
#42 The federal government and insurance companies are examples of third party _______.
Payers. Possibly just "third parties"
#44 Cost that are born solely by the individuals that incur them are called what?
Private costs or internal costs
#53 What is the definition of common property?
Property that is owned by everyone and therefore by no one
#14 One method that unions use to ration available jobs among excess workers is _______.
Seniority system and lengthening apprenticeship period
#27 Percentage of national income spent on healthcare is what?
Steadily rising then slowing down or %16.
#15 The ultimate threat of a union is to _______.
Strike.
#32 When workers boycott a company because it does business with a firm whose employees are on strike, this is called what?
Sympathy strike
#17 When it comes to productivity, some economist will argue what?
That unions can raise productivity by reducing turnover, or lower productivity by featherbedding.
#46 What made closed shops unlawful, or illegal?
The Taft-Hartley Act
#18 what happens in a monopsonistic market?
The marginal factor cost of increasing the labor input by one unit is greater than the wage rate; thus the marginal factor cost curve always lies above the supply curve.
#49 All of the costs associated with making and enforcing contracts are referred to as what?
Transaction costs.
#43 Which country has the highest per capita healthcare expenditures
United States.
#7 When manufacturing a car, you can solder parts together. This can be done by labor or by robots. When the cost of labor increases and the firm converts to more robots, this is an economic situation known as what?
Utilization of other factors of production.
#19 At any quantity the marginal factor cost is always _______.
above the supply curve.
#50 What does a pollution do?
creates private and social costs, or externalities.
#45 What is the definition of social cost?
the full costs that society bears when resources are used.
#8 A monopolistic firm will hire an additional unit of labor as long as what?
the marginal revenue product is just equal to the marginal factor cost.
#9 A firm will hire a unit of input up to the point where _______.
the marginal revenue product is just equal to the marginal factor cost.
#37 The way income is allocated among the population is called what?
Distribution of income
#29 The impact of technology on healthcare has what?
Causes healthcare prices to rise
#12 The type of labor agreement that requires workers to be union members prior to being considered for employment is called what?
Closed shops
#33 Bargaining between management and a union is called what?
Collective bargaining.
