Micro Econ Final

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The major purpose of Medicare is to

provide health care services to people on Social Security.

The major objective of Medicaid is to

provide health care services to those receiving public assistance.

The highest quintile of households in the income distribution

receives about 51% of total income

Census data indicate that, as of 2014, the top fifth of all households receive about ________ times as much income as the bottom fifth.

sixteen

When the US is described as having a dual system of health care, this means that

those Americans with good insurance or substantial wealth receive world-class health care, while those without insurance receive no or low-quality health care.

Employer provided health insurance began in the US because

during WWII, wage and price controls force employers to use nonwage forms of compensation to attract workers

In 2014, a household with an annual income of $75000 would be in which quintile?

fourth lowest

The twin problems of the US health care industry are

rapidly rising costs and unequal access to health care

In 2014, the highest quintile of households in the US income distribution received about...

51% of income

Which of the following statements is true about health care costs in the US

costs have risen because both the price of health care and the quantity provided

Refer to the diagram, where curves (a) through (c) are Lorenz curves for five different countries. The Gini ration is lowest in

country (a)

Refer to the diagram, where curves (a) through (c) are Lorenz curves for five different countries. Income is distributed equally in

country (a) ( the diagonal line)

In 2014, the average income for households in the US Was

$68,426

The Gini ratio of income inequality ranges between

0-1

According to US census bureau data (2014), approximately how many illegal immigrants are estimated to be living continuously in the US

11 mill

Approximately how many workers are employed in the US health care industry

17 mill

Aggregate Us health care spending in 2014 was approximately

17.5% of domestic output (GDP)

According to the office of immigration statistics, approximately what percentage of legal immigrants to the US in 2013 were refugees or diversity immigrants

18%

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

20 percent of income recievers

In the US, approximately how many doctors are there per 100,000 population

245

The US census estimates that from 2000 to 2009, the net inflow of illegal immigrants was about

250,000 annually

The lowest quintile of household in the income distribution receives about...

3.1% of income

Approximately how many millions of Americans did not have health insurance coverage in 2015

30

According to the office of immigration statistics, approximately what percentage of legal immigrants in 2013 were parents, children, sibling or other qualified relatives of legal permanent US residents

66%

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

88%

Approximately how many people became permanent legal resident of the US in 2013

990,550

The Gini ratio

A numerical measure of the overall dispersion of income

Employer-provided private health insurance in the US has resulted in

Incentive that encourage the overuse of health care

As a percentage of GDP, health care spending in the US has

Increased substantially since 1960

Which of the income distribution in the accompanying table is closest to describing the US

Lowest4% second10% third15% fourth23% fifth48%

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

Mexico and China

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.

Employer-provided private health insurance

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

The Lorenz curve

plots graphically the distribution of income

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

one-half

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

one-third

The Lorenz curve portrays

personal distribution of income

The price of medical care in the United States has:

risen faster that the overall price level

In 2014, a household with an annual income of $23000 would find itself in which quintile?

second lowest


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