Food and Racism
Based on the graph, to fully account for the externality the market requires a
$5
The following table shows the quantity of shaved ice desserts that can be made in one hour
$54
Which Gini coefficient corresponds to a Lorenz curve that is bowed furthest away from the 45-degree line?
.71
Which explains the upward trend the upward trend in this figure since measurements began at Mauna
Burning of fossil fuels for energy
A public good would be
FM radio stations
Which of the following is NOT a category in the functional distribution of income?
Proprietors income
_____ is a stock measure of an individual's or household's assets and net liabilities: point in time
Wealth
In the United States
Wealth distribution is less than income distribution
The socially optimal pollution is
Where marginal abatement costs are zero
Which of these is NOT a cause of income inequality
an increase in the number of manufacturing jobs
In competitive labor markets, the going wage is
determined by the intersection of the market supply and market demand curves for labor
Paying $5 on Amazon to stream a movie is an example of a service that is _______ in
excludable and nonrival
Which of the following is NOT a negative externality?
getting a flu shot
Which of the following is not a reason for market failure
products or services that create externalities
Many residents of Puerto Rico are moving to Florida because
right: supply: decrease
For the measurement we used in this class, U.S poverty thresholds are based on the affordability of:
food
When positive consumption externalities are present; the social demand curve lies of the private demand curve and the private market ______ the good
right; underproduces
According to John Rawls
society should maximize the welfare of the least well-off individual
Which factor might cause a decrease in the labor supply curve in the furniture manufacturer
steep drop in the stock market causing household wealth to decline
According to Gary Becker's theory on economic discrimination, employees who successfully discriminate in their hiring practices will
Earn less profits because they must pay for more labor
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
Becky owns a bakery and is considering hiring two workers.
Hire both Janet and Bob
The United States spends ________ on health care than any developed country and results
More; Worse
Blue fin tuna population
Nonexcludable: rival
Without a mandate for everyone to participate in a health insurance plan, asymmetric information explains why
Sick people are more likely to purchase health insurance than healthy people
Which of the following is NOT a market-based environmental policy approach?
Subsidies for clean energy
Does Knoxville currently meet air quality standards set by the EPA?
Yes, but Knoxville used to be an area of non-attainment
Which of these is the BEST example of a common property resource?
a public recreational park
Which factor would shift the market labor supply curve to the right?
a reduction in nonwage income
Based on the table, what must be TRUE about the labor supply curve as rises from $20 - $30 per hour
The income effect dominates the substitution effect
Why isn't "zero emissions" generally a socially efficient level of pollution?
The marginal abatement cost would greatly exceed the marginal damage from emission.
Which of the following is NOT a new factor causing poverty (as opposed to traditional)
lack of human capital
If a country has perfect income inequality, the Gini coefficient will be equal to:
1
In 2020, the percentage of Americans living in poverty was approximately
11.5%
Suppose that the five residents of a small village have the following incomes: $10000,$20000, $30000, $40000, $50000. The proportion of the total income earned by the lowest two quintile and the proportion earned by the highest two quintile is ______________
20%:60%
Based on the table, the optimal quantity for pollution abatement (reduction)
2000
Market Wages and Labor Demand: Based on the figure, if the market wage firm will employ ___ workers.
6
The chance of moving from the bottom quintile to the top quintile (income mobility) ___________ in the United States in the past couple of generations.
Decreased
The U.S. has improved acid rain problems caused by sulfur dioxide since the 1980's by
Implementing cap and trade for sulfur dioxide
How does progressive taxation and redistribution policies affect the Lorenz curve and Gini coefficient
The Lorenz curve becomes less curved and the Gini coefficient decreases.
The downward sloping marginal revenue product of labor (MRP) represents an
individual firm's demand for labor
