Test 5

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School

New York Institute of Technology, Westbury *

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MISC

Subject

Economics

Date

Feb 20, 2024

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docx

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Uploaded by CorporalTeamSquirrel29

Question 1 1 / 1 pts Which of the following represents one of the methods that the government uses to promote technology? protection of intellectual property provision of a greater number of public goods maintenance of stable regulated financial markets creation of public colleges and universities Question 2 1 / 1 pts If a rise in incomes for both low-income and high-income workers is higher for the high-income workers, then poverty will fall and inequality will rise. then poverty will rise and inequality will rise. then poverty will fall and inequality will fall. Question 3 1 / 1 pts Union members earn ______________ than non-union members, even after adjusting for factors such as _____________________________ . about 10% more; racial discrimination and immigration. about the same; union dues and cost of lawyers for collective bargaining. about 20% more; years of work experience and education level.

about 30% more; healthcare and retirement benefits. Question 4 1 / 1 pts The costs that immigrants impose on governments arise mainly in terms of _________, which are primarily the responsibilities of the _________ government(s). administration, state and local administration, federal public schools and healthcare, state and local public schools and healthcare, federal Question 5 1 / 1 pts How does being caught in a poverty tap affect an individual's future job prospects? it causes working in the future even less attractive it causes a lack of job experience and contacts it creates a powerful incentive to acquire skills training it creates the outcomes presented in both a and b Question 6 1 / 1 pts In the U.S., government support programs that are focused specifically on the poor include which of the following?

Medicaid credits welfare income stamps food credits Question 7 1 / 1 pts A method often used by economists to look at distribution of income in a society's economy involves programs for wealth redistribution. quintiles, or dividing a whole group into fifths. imposing taxes to redistribute wealth. quads, or dividing a whole group into fourths. Question 8 1 / 1 pts Which of the following industries is the least likely to employ a unionized labor force? finance, insurance and real estate transportation and public utilities government precision, production, and repair

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Question 9 1 / 1 pts Poverty is measured by the number of people who fall below a certain level of income. the income needed for a basic standard of living. the nation's economic poverty line. all the above are correct. Question 10 1 / 1 pts Under current U.S. copyright legislation, works produced on a for-hire basis and owned by firms enjoy monopoly protection for 50 years after date of publication. 70 years after date of publication. 75 years from the date of publication. 95 years from the date of publication. Question 11 1 / 1 pts Under which of the following antipoverty programs does the federal government give a fixed amount of money to each state? ADFC TANF

AFDC TNAF Question 12 1 / 1 pts Bruce is a single father with 1 child. He can work as a bagger at the local grocery store for $6 per hour up to 1,200 hours per year. He is eligible for welfare, and if he does not earn any income, he will receive $15,000 a year. If Bruce works, the government policy is to deduct 60 cents from his welfare stipend for every $1 that he earns in income. With this policy in place, if Bruce works 600 hours, his income will be $3,600 $16,440 $15,000 $12,840 Question 13 1 / 1 pts In the framework of a Lorenz curve, the final entry in the cumulative income column needs to be _________. total income cumulative income 100% 45%

Question 14 1 / 1 pts If immigration consists of mainly high-skilled workers, then a(n) ________ in immigration will ________ the wages of high-skilled workers. increase, increase increase, not affect decrease, decrease decrease, increase Question 15 1 / 1 pts If some of the products developed by I'mASoftwareCo. must face market competition that can very quickly produce either an identical product or a close substitute for it, then it may decide against R&D projects of this sort. it will have to figure out innovative ways to prevent adaptation and copying of its products. the other firms will all save on their R&D costs. it must charge more for its products to quickly compensate for the research and development costs. Question 16 1 / 1 pts If the poverty trap were made even more difficult to overcome because a working mother will have extra expenses like transportation and child care that a nonworking mother will not face, then

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she will have a powerful incentive to work more than one job. the family better off than if she did not work at all. her economic gains from working will be even smaller. working now and in the future is even more attractive. Question 17 1 / 1 pts The earnings gap in the U.S. labor market between black and white workers ___________________. was completely eliminated by the end of the 1960s has not diminished at all since 1960 has diminished since 1960, but a gap still remains existed in the 1960s but was reversed throughout the 1970s Question 18 1 / 1 pts Since 1960, the earnings gap between men and women in the U.S. labor market has steadily risen. been completely eliminated. continued to narrow. increased throughout the 1970s.

Question 19 1 / 1 pts There is sufficient evidence showing that union workers in the manufacturing sector generally tend to hold those jobs for less time than non-union workers. have higher productivity than non-union workers. have fewer years of experience than non-union workers, have lower productivity than non-union workers Question 20 1 / 1 pts An individual who wants others to pay for public goods, but plans to use those goods for their own purposes, is often referred to as a ______________ . tax evader excludable free rider nonexcludable Question 21 1 / 1 pts Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000. The share of income received by the highest quintile of this income distribution is ______, which is _____ than that for the highest quintile of the U.S. income distribution in 2005.

37.9%, lower 39.7%, lower 37.9%, higher 39.7%, higher Question 22 1 / 1 pts Discriminatory impulses in the labor market can emerge at a number of levels: among managers among workers among customers all of the above Question 23 1 / 1 pts For a negative externality, the __________________________ than the costs imposed on society as a whole. private costs of an action are less social costs of an action are less private benefits of an action are more social benefits of an action are more

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Question 24 1 / 1 pts Generally, market competition and technology can support each other. oppose each other. compliment each other. sometimes a or b. Question 25 1 / 1 pts Tom, Mary and Jill have apartments in the same building. A security system for their building costs $750. Tom is willing to pay $100 for the security system, Mary is willing to pay $300 and Jill is willing to pay $300. They have a meeting to vote on whether to pay $250 each for the security system. At least two of them must vote for the system to be installed before the vote is passed. The efficient outcome is to have the security system installed. After the meeting the security system will __________, which illustrates ___________. be installed, the free rider problem not be installed, the free rider problem be installed, a negative externality not be installed, a negative externality Question 26 1 / 1 pts If a small electric automobile manufacturer is able to gain the social return generated by its electric motor, its demand for financial capital would

shift to the left. shift to the right. decrease substantially. increase slightly. Question 27 1 / 1 pts Which of the following mechanisms will increase the rate of return that can be earned by inventors of new technology? intellectual property rights government research and development grants cooperative research ventures between companies patents, copyrights, and each of the above Question 28 1 / 1 pts If the 2014 poverty line is based on the amount of money an individual has earned as income, then the poverty line will be adjusted to take the value of non-cash government assistance into account. government programs that provide non-cash assistance to the poor are not considered.

the concept of what poverty means in the 21st century should be rethought from scratch. it will be difficult to compare poverty rates over time in a market-driven economy. Question 29 1 / 1 pts Government has a variety of policies that allow inventors to _____________________ , such as the granting patents and __________________ . receive an increased rate of return; subsidization of research and development protect their inventions; limited copyrights during the inventor's lifetime register their inventions; unlimited copyrights during the inventor's lifetime receive a reasonable rate of return; lifetime intellectual property rights. Question 30 1 / 1 pts If U.S. immigration consists of mainly low-skilled workers, then an increase in immigration __________ the wages of low-skilled workers. will increase will reduce may increase or reduce will not affect

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