econ final

if the top 5th of all households receive 58% and the lowest receives 4%, what can we conclude

there is income inequality

what is the primary motivation for economic immigration

to increase their pay and achieve a higher standard of living.

in the quintile distribution of income, a quintile is what?

five numerically equal groups

Total healthcare spending in the U.S

- 4/5 of healthcare spending is financed by insurance - 21% comes directly out of the health care consumers pocket- mainly as insurance deductibles - 44% is from public insurance - among industrialized nations, healthcare spending as a % of GDP is the highest in the U.S

gini ratio

-a numerical measure of the overall dispersion of income. -gini ration =Area between lorenz curve and diagonal/ total area below the diagonal -lower gini ratios=less inequality -higher gini ratios= more inequality

Lorenz curve shows which of the following

-displays the quintile distribution of personal income. -the diagonal line represents a perfectly equal distribution of income. -the area between the diagonal line and the lorenz curve indicates the degree of income inequality

Chapter 20 discussion

-government purchases- are exhaustive. the products purchased directly absorb resources and are part of the domestic output. ex. missiles - transfer payments- non-exhaustive. do not directly absorb resources or create output. recipients make no current contribution to domestic output in return for them. ex. social security, welfare, veterans benefits.

ch. 20 disc. federal finance

-personal income tax: levied on taxable income. is a progressive tax(applying higher tax rates to successive layers of income) -payroll taxes: based on wages and salaries, used to finance social security and medicare. employees and employers pay equally -corporate income tax: is levied on a corporations profit. -excise tax: taxes on commodities or purchases are sales and excise taxes. sales taxes fall on a wide range of products, whereas excises are levied individually on a small list of commodities.

ch. 20 disc taxes

-progressive: avg rate increases as income increases -regressive: avg. rate declines as income increases proportional- avg. rate remains the same regardless of income.

how many people become legal residents in 1 year?

1 million

how much of recent annual labor growth is because of immigration

1/2

how much of recent annual population growth is because of immigration

1/3

how many illegal immigrants are living in the U.S today

11.3

U.S bureau estimates net unauthorized immigrants is what?

11.3 million

census data indicates the top 5th receive how many times more that the bottom 5th

16

aggregate U.S healthcare spending is what percentage of domestic output

17.5

how many workers are employed in the U.S healthcare industry

19 million

in a household with an income of 20,000, what quintile would it be in

1st

Total U.S healthcare spending is how much?

2.1 trillion

the highest quitile of household in the income distribution receive what percentage of total income

20%

the lowest quintile of households receive how much of the total income

3.1 percent

the share of income going to the highest 10% of income is

30%

in a household with an income of 100,000, which quintile would it be in

5th,

What percentage of legal immigrants are relatives of legal U.S residents

66%

what is the average household income in the u.s.

68,426

what portion of U.S total health spending is paid by public and private insurance

75%

what percentage of legal residents were refugees

8%

as a percentage of gdp, compare the U.S with germany, japan, U.K, canada, and sweden

The U.S considerably more U.S.- 17% germany-11% Japan- 9% U.K.- 8% canada- 10% sweden- 9%

the H-1B provision is what?

allows 65,000 high-skilled workers in specialty occupations to enter and work continuously in the U.S for 6 years.

which of the following countries has the largest number of immigrants as a percentage of labor force

australia

the greatest number of immigrants are from which two countries

china and mexico

What are the twin problems of healthcare

costs and access

Ch. 20 disc. circular flow

government buys products from the product market and employes resources from the resource market to provide goods and services to households and businesses. government finances its expenditures through the net taxes is receives from households and businesses.

what is the best definition for economic immigrant

international migrants motivated by economic gain

the major purpose of medicare is to what?

provide health insurance benefits to those 65 or older, and people who are disabled

the objective of Medicaid is to what?

provide payment for medical benefits to low income people

the highest quintile of households in the U.S

received about 50% of the income

for most nations, per capita spending on healthcare tends to do what

rise proportionately with per capita income.

In the past several decades, healthcare expenditures have done what in relation to gdp

risen absolutely and as a percentage of GDP

as a percentage of gdp, healthcare spending has done what since the 1960's

risen from 5.2% to 17.5%

between 1960- 2006, U.S healthcare spending as a percentage of domestic output has done what

risen from 5.2% to 17.5%

Human capital refers to which of the following

the stock of knowledge and skills that enables a person to be productive, and thus to earn income