ECO2013 final

Approximately how many workers are employed in the U.S. health care industry?

12 million

In the quintile distribution of income, the term "quintile" represents

20 percent of the income receivers

In the United States, approximately how many doctors are there per 100,000 population?

245

The U.S. Census Bureau estimates that from 2000 to 2009, the net inflow of illegal immigrants was about

250,000 annually.

The lowest quintile of households in the income distribution (as of 2014) receives about

3.1 percent of the total income.

In 2014, the highest quintile of households in the U.S. income distribution received 24) about

51 percent of total income.

According to the Office of Immigration Statistics, approximately what percentage of legal immigrants in 2013 were parents, children, siblings, or other qualified relatives of legal permanent U.S. residents?

66 percent

In 2007, approximately what percentage of people in the United States with private health insurance received it as an employer-provided benefit?

88

Approximately how many people became permanent legal residents of the United States in 2013?

990,550

In 2014, a household with an annual income of $75,000 would find itself in the

fourth quintile of the household income distribution.

The demand for agricultural products

has a price elasticity coefficient of about 0.20 to 0.25.

Employer-provided private health insurance in the United States has resulted in

incentives that encourage the overuse of health care.

The demand for agricultural products rises less rapidly than income. This means that the demand for agricultural products is

income inelastic

The demand for most agricultural products is

inelastic with respect to both price and income.

About ________ of recent annual population growth in the United States is the result of immigration.

one-third

The Clayton Act of 1914

outlawed price discrimination, tying contracts, acquisition of stocks of competing corporations, and interlocking directorates that lessen competition.

What percentage of their spending do U.S. consumers allocate to food purchases?

10 percent

In 2014, the average income for households in the United States was about

$68,426.

Which of the income distributions in the accompanying table is closest to describing the United States (as of 2014)?

C

Which of the following is least likely to violate the Sherman Act or the Clayton Act?

Competitive firms F and G independently charge lower prices to frequent customers than to occasional customers.

About ________ of recent annual labor force growth in the United States is the result of immigration.

one-half

Employer-provided private health insurance began in the United States because

During World War II, wage and price controls forced employers to use nonwage forms of compensation to attract workers.

In 2013, the greatest number of legal immigrants arriving in the United States came from

Mexico and China.

Movie producers A, B, and C secretly meet and agree to release their summer 2) blockbuster films in sequence, rather than at the same time. The U.S. JusticeDepartment learns of the agreement and files an antitrust suit. The federal government would most likely file charges under the

Sherman Act, Section 1.

Which of the following statements best describes the demand for agricultural commodities?

The marginal utility of additional units of agricultural output diminishes very rapidly.

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.

In the United States, "farm products" are generally produced in more ________ markets, while "food products" tend to be sold in markets that are more ________

competitive; oligopolistic

Farm share of U.S. GDP has

declined from about 7 percent in 1950 to 1 percent today.

A function of the Federal Trade Commission is to

investigate instances of faulty and misleading advertising.

Employer-provided private health insurance

is unique to the United States and not typically found in other countries.

The Sherman Act was designed to

make monopoly and acts that restrain trade illegal.

The twin problems of the U.S. health care industry are

rapidly rising costs and unequal access to health care.

The highest quintile of households in the income distribution (as of 2014)

receives about 51 percent of the total income.

The demand for agricultural products is

relatively inelastic with respect to price.

The price of medical care in the United States has

risen faster than the overall price level.

In 2014, a household with an annual income of $23,000 would find itself in the

second lowest quintile of the household income distribution.

All of the following can file antitrust charges under the Sherman Act except

the Federal Energy Regulatory Commission

Which one of the following acts declared "every contract, combination . . . or conspiracy, in restraint of trade or commerce among the several states . . . to be illegal"?

the Sherman Act

Which one of the following is not prohibited by the original Clayton Act?

the purchase of the assets of rival firms that lessens competition