Econ Final Exam GOSH DARNIT

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22. If a country has perfect income inequality, the Gini coefficient will be equal to:

1

16. After the effects of CVOID-19, the current rate in the United States is approximately:

17%

6. CHART - Based on the table, the optimal quantity for pollution abatement (reduction) is:

2000

Based on the table, if the wage is $70

4 Workers

34. Based on the figure, if the market wage is $100 the firm will employ ___ workers

6

Which percentage of a population is in the 3rd quintile?

60%

Based on the graph to fully account for the externality market requires:

A tax of $5

4. If the Income distribution becomes more equitable, the Lorenz curve...? The Gini Coefficient

Closer to; declines

From the 1960's to the 1970's, the overall poverty rate in the United States:

Decreased

33. If the cost of capital increases, the result will be a shift the labor ___ curve to the ____

Demand, right

28. Gary Becker's theory of economic discrimination argues that:

Employers who discriminate against women will lose profit opportunities

24. 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

5. A public good would be:

FM radio stations

7. For the measurement we used in this class, U.S. poverty thresholds are based on the affordability of:

Food

9. Which of the following is not negative externality?

Getting a flu shot

15. The U.S. has improved acid rain problems caused by sulfur dioxide since the 1980's by:

Implementing cap and trade for sulfur dioxide

11.Which of these is NOT a cause of income inequality?

Increase in the number of manufacturing jobs

36. The downward sloping marginal revenue product of labor represents an:

Individual firms demand for labor

Which of the following is NOT a factor causing poverty in opposed...

Lack of Human Capital

A recently retired pro baseball player had accumulated 15 million but is currently including part time at a local bar for 15,000

Low income and high wealth

3. The United States spends _____ on health care than any developed country and has ____ results

More; worse

32. Suppose demand for labor is highly elastic, such as the fact the labor market, Which statement would BEST describe the effect of a minimum wage law that increases the minimum wage rate by 20% if we assume that most fast food workers are earning minimum wage?

Number of workers demanded would drop by much more than 20%

38. Becky owns a bakery and is considering hiring two more workers, Janet and Bob. Suppose that the market wage for another worker is $100 per day. Janet would generate a marginal product of 5 cakes, which Bob would generate a marginal product of 4 cakes. If each cake sells for $20 each, what should Becky do?

Only hire Janet

If air pollution comes from multiple sources... among the parties is difficult to achieve because

Pollutions costs are too high

8. Which of the following is not a reason for market failure?

Private Goods

27. Many residents of puerto rico are moving to florida because of hurricane damage. This will result in a shift to the ___ for the labor ___ curve and an/a ____ in wages in the Florida labor market.

Right; supply; decrease

When positive consumption externalities are present, the social demand curve lies is the _____ of... private markets ______ the good

Right; underproduces

In competition labor markets, the going wage is

Set by the individual firms in the market

20. CHART - What explains the upward trend in this figure since measurements began at Maona Lao in 1998?

Shift from coal to natural gas guessed on this one

18. Without a mandate for everyone to participate in a health insurance plan, asymmetric information explain why:

Sick people are more likely to purchase health insurance than healthy people

According to John Rawls:

Society should maximize the welfare of the least well-off individual

Based on the table what must be TRUE about labor supply

The income effect dominates that substitution effect

Which of the following is NOT a market-based environmental policy approach?

Vehicle fuel economy standards

26. ___ is a stock measure of an individuals or households assets and net liabilities, at a given point in time.

Wealth

In the United States

Wealth distribution is less equal than income distribution

14. The socially optimal pollution is:

Where the marginal benefits of pollution abatement equal its marginal costs

If new tech makes steel workers more productive the result will be shift the labor:

demand; right

13. Bluefin tuna populations are approaching dangerously low levels due to overfishing. This is because BlueFin tuna are classified as:

nonexcludable , rival


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