econ midterm 1

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Concordia University *

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2001

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Economics

Date

Jan 9, 2024

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docx

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Uploaded by sargentferretmaster195

#1 In Canada, minimum wage is set by ____ Provinces ________ and increase in the minimum wage is often indexed to our __ inflation rate _____. According to the Fraser Institute, which of the following is CORRECT about minimum wages? Select one: - Approximately 90% of the workers live in households with income above LICO cut-offs - Approximately 2% of such workers are single or lone parents with at least one child - Approximately half of such workers have been on their jobs for less than one year. - All of the answers above are correct. According to studies, raising the minimum wage is unlikely to cut our poverty rates. This is because ___________. Select one: - The rise in the nominal minimum wage has never been sufficient to offset the rise in general prices, which is the inflation rate. - A 10% increase in the minimum wage means that unemployment for minimum wage earners will rise by more than 10%. - A large percentage of minimum wage earners is students who live with their parents or the spouse of a double-earner couple. - All of the answers are correct Studies have found that the minimum wage may be raised to around ____ 50% _____ of the economy’s average wage rate with little effect on job losses. In 2020, which of the following Canadian provinces had a minimum hourly wage of $15? Alberta Overall, around what percentage of all Canadian workers are minimum wage earners? Select one: - 1%. - 25%. - 50%. - None of the answers above Statistics Canada found that for every 100 workers who earn minimum wage, ___ around 15 _____ of these workers rely on this income as their only source of household income.

According to the C.D. Howe Institute, Alberta raised its hourly minimum wage by $4.80 between 2015 and 2018. Economists estimated that roughly 25,000 jobs have been lost, which corresponded to a 3.4 percentage points increase in unemployment. What policies did Alberta also introduce in order to soften the impact of this wage increase on its economy? Select one: - A job creation tax credit for firms has also been implemented since 2015 and it is still in effect in 2020. - The wage increase was timed according to business cycle and it was introduced during an economic boom in Alberta. - The wage increase legislation has a built-in recession postponement and geographic roll-out modelled after policies in California and New York. - None of the answers above is correct. Numerous studies have found that for every 10% rise in the minimum wage, the overall employment loss is around 1% to 3%. If we focus specifically on the group of minimum wage workers who are aged 15 to 24, this job loss effect is About double, so 3% to 6% Statistics Canada found that in 2017, approximately 40% of all minimum wage earners were Students and non-students aged 15 to 24 In 2017, Statistics Canada found that __ women _____ were more likely to be earning minimum wages. The _ immigration population ________ is also more likely to be minimum wage earners. The industry that was most likely to pay minimum wage was ____ retail _______. In 2017, Canadian workers who earned minimum wage as a main source of income were most likely to be ______. Under the Low Income Cut-Off (LICO) measurement, poverty is defined as ________. Select one: - Students aged 15 to 24; half of the median Canadian income - Seniors aged 65 and over; Canadians who earn less than $25,000 pre-tax per year - Non-students aged 25 to 34; households that spend at least 63% of their after-tax income on basic necessities - None of the answers above is correct. Which of the following is CORRECT about minimum wages? - If the minimum wage were raised from $15 to $16, firms only have to pay $1 to the

workers previously earning $15. - Studies have found that when firms have to pay a higher minimum wage, they are likely to hire more workers but offer them fewer hours. - Studies have found that when workers start off with jobs that pay minimum wage, they are likely to be stuck in such jobs for an average period of five years. - All of the answers above are correct. #2 Statistics Canada data show that whether the second generation immigrants speak English at home has a _ significant _______ impact on their earnings. It has also found that the __younger____ the second generation immigrants are when they arrive in Canada, the more likely they will earn the average Canadian income when they enter the workforce. Which of the following is INCORRECT about our immigrants in 2019? Select one: - We admitted more refugees than any other state in the world. - The economic class accounts for almost 60% of total immigrants. - Immigrants account for a minor portion of our population growth. - Most immigrants reside in Montreal, Vancouver and Toronto. Studies have found that refugees who migrated to the US are net _ contributors _____ to the US economy over the long term. Studies have also found that immigrants in Canada are _ more ______ economically mobile than the immigrants in the US. Which of the following is CORRECT about a study that involved sending out over 12,000 resumés to over 3,000 job postings? Select one:

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- The study found that an applicant with an English sounding name, Canadian undergraduate degree and work experience has a slightly higher callback rate than an applicant with a foreign sounding name, foreign undergraduate degree and work experience. - The study found that a main concern that Canadian employers have when hiring new immigrants is their ability to communicate in "good" English. - The study found that whether the new immigrants completed their undergraduate degree in Canada or outside Canada matters significantly to Canadian employers regardless of the amount of work experience they have accumulated. - All of the answers above are correct. Studies have found that immigrants in Canada have a _ negligible _____ adverse impact on Canadian wages and unemployment rates. On average, immigrants are __ more _____ likely to be business owners or self-employed. Which of the following is INCORRECT about immigrants in Canada? Select one: - The inter-generational income elasticity is quire low, which suggests that the children of the immigrants have a high degree of economic mobility. - Compared to native-born Canadians, immigrants are twice as likely to be over- qualified for their jobs even after adjusting for education quality differences. - Data suggest that immigrants under the Canadian Experience Class earn a higher median income than that of the overall Canadian population. - Canadian immigrants are younger than the average Canadian and immigrants account for around 80% of our population growth. Which of the following is CORRECT about immigrants? Select one: - A study found that the quality of education immigrants received in their home country

matters. Of the top three origins of our immigrants, immigrants from India have the highest rates of return to their home education. - A study found that the literacy-skills gap between immigrants and non-immigrants in Canada is twice as large as that in Australia. This difference is partially because only about 1% of Australia’s new immigrants are refugees. This percentage for Canada is much higher. - A study found that only about 5% of new Canadian immigrants under the economic class are those who have prior study permits in Canada, and this can partially explain the low average literacy levels of our overall immigrants. - All of the answers above are correct. In 2019, most of our immigrants (permanent residents) came from ___ India ________. From class discussion, the immigrants from the Philippines are more likely to be __ female ________ and they are likely to come to Canada under the __ caregivers _____ category. In all of our immigrant classes, which of the following is the best performer in terms of annual money income? Economic class Which of the following is CORRECT about Canadian immigrants who were nurses in their home countries? Select one: - They have a 50 per cent chance of working as nurses in Canada. - Nursing examinations in Canada can only be attempted twice in a lifetime, which explains why foreign-trained nurses struggle to qualify in Canada. - Foreign-trained nurses have a much lower passing rate in nursing examinations than Canadian-trained nursing students, and nurses from Australia have the highest passing rate. - All of the answers above are correct. Overall, data show that children of immigrants have a __ higher ________ university graduation rate than children of two Canadian-born parents. Of the three immigrant classes, children of _ the refugee class _________ have the lowest university graduation rate. #3 Tuition fees __ are not _____the main (50% or higher) source of revenue for universities in Canada. Of all Canadian universities, those in __ Quebec _____ charge some of the lowest

tuition fees. Which of the following is CORRECT about education? Select one: - Korea is the OECD country that has had the most dramatic increase in access to tertiary education over the past few decades. - Studies have found that social returns to education are highest from primary education and from educating female. - Of the four groups of fields of studies we have examined, graduates in health earn the highest income. - All of the answers above are correct. The Performance for International Students Assessment (PISA) tests students in the subjects of _ Science and math _______. Canada scores _ above global average _____ in this test. Consider the following claim: "The nursing profession is dominated by female, accounting for 92% of all nurses. Male nurses earn, on average, $5,100 more than female nurses. This is evidence of wage discrimination against women." To evaluate the accuracy of this claim, economists will consider which of the following? - Ensure that we are comparing nurses in the same field, such as surgical or pediatric. - Given the same field, ensure that we are comparing nurses with the same amount of experience. - Given the same field and the same amount of experience, ensure that we are comparing the location of work, such as rural areas or cities. - All of the answers above are correct. US data show that in May 2020, __ high school graduates ________ suffered more job losses and were last to be rehired when the economy began to recover. From class discussion, Maclean's shows that Concordia University's undergraduate graduation rate is around __ 70% ____. Prior to COVID, which of the following has/have been adopted by the Canadian government to help students manage their student loans? Select one: - Interest charges on government student loans can be claimed as tax credits.

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- Students do not have to begin paying back their student loans until they are earning more than $60,000 pre-tax a year. - The Canadian government guarantees that interest rates on student loans are lower than the rates students can obtain from financial institutions’ lines of credit. - All of the answers above are correct. From class discussion, what has the World Bank study found regarding investment in education? Select one: - Compared to elementary and secondary education, university education generates the most public returns to the economy. - Vocational training is most cost effective when the trainees have received elementary and secondary education. - Compared to secondary and university education, elementary education generates the least private returns to the students. - All of the answers above are correct. In Canada, about __ 50% _____ of all Canadians have post-secondary education, such as college or university qualifications. Women are _ more ___ likely than men to have a university degree. Which of the following is CORRECT about university education? Select one: - Data show that countries that charge no tuition have much higher university graduation rates than those that charge rather high tuition fees. - Before 2021, Canadian tuition fees have increased at a rate above the Canadian inflation rate. - Because of our rising tuition fees, the default rate on Canadian students loans is around 50%. - If we add tuition fees with all other student fees, Quebec can be proud that we have the lowest university fees in Canada. Studies have found that tuition fees play a (an) __ insignificant ______ role in people’s decision to pursue university education. Graduation rates and tuition fees have a __ weak and positive _____ correlation. Studies have found that the labour market demands more workers who have __ low math, high social skills _________ to those who have __ high math, low social skills _________.

Economists are most likely to exclude which of the following expenses when they estimate the “economic cost” of education? Select one: - Tuition fees. - Average spending on food. - Books and school supplies. - All of the above answers will be excluded. According to Statistics Canada, the median income of Canadians aged 25 to 64 in 2016 was highest for __ undergraduate degree holders ______. Different studies have found that crime rates __ decrease ___ as education attainment increases. Which of the following are benefits from university education? Select one: - Better health. - Higher salary. - Lower crime rates. - All of the answers above are correct. #4 According to the "five per cent rule" of renting or buying, if the property you desire to purchase costs $600,000 and your current monthly rent is $1,800, you should __ rent _____. The maximum amount of monthly rent you should be paying is __ $2,500 _________.

In Canada, smoking rates rise with _________. Select one: - Age - Income - Education - None of the answers above is correct. From class discussion, which of the following is CORRECT about high smoking rates in low- income countries? Select one: - Tobacco companies advertise their products because of the governments do not ban such promotions. - The general public is less informed of the health hazards associated with smoking. - Taxes on cigarettes are low and hence retail prices tend to be low. - All of the answers above are correct. In Canada, cigarette taxes account for approximately __ 75% ___ of the retail price. Compared to provinces, the territories have a much __ higher ___ percentage of smokers. Of the different smoking cessation programs examined, which of the following is the most successful in raising the odds of success? Select one: - Group therapy. - Individual in-person counselling. - Telephone counselling. - Nicotine replacement therapy. In 1965, about __ 50% ___ of our population aged 15 years or above were smokers. By 2017, this percentage has __ fallen ____. However, compared to the Canadian average, smoking rates are much higher for Canadians who are ___ low-income earners and less educated ______. Which of the following is CORRECT about smoking rates in Canada's Indigenous population? Select one: - Indigenous youth are three times more likely to be smokers than their non-Indigenous

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peers. - Indigenous youth are more likely to be involuntarily exposed to smoking and second- hand smoke than their non-Indigenous peers. - Telephone quit-lines seem to be more successful in helping Indigenous smokers quit smoking than for their non-Indigenous peers. - All of the answers above are correct. Cigarettes are most expensive in which of the following Canadian province? Select one: - Quebec. - Ontario. - Manitoba. - Nova Scotia. Which of the following is CORRECT about smoking? Select one: - Studies have found that for every 10% increase in cigarette prices, the quantity of cigarettes consumed in high-income countries is likely to fall by more than 10% because cigarettes are already so heavily taxed and so expensive. - Studies have found that graphic picture warnings on health hazards related to smoking is one of the most effective ways to discourage smoking. - Studies have found that smokers can be net contributors to the economy because they contribute to pension plans and pay taxes but on average they die 10 years prematurely. Therefore, they save money for the economy in healthcare costs and pension payments. - All of the answers above are correct. Globally, the number of smokers in high income countries has been _ decreasing ______ between 2000 and 2015. The number of smokers in low income countries has been ___ increasing ____ during the same time period. In Canada, the bottom 20% income earners are ___ two _____ times more likely to smoke than the top 20% income earners. In general, the success rates of smoking cessation (quitting) tend to ____ rise _____ with the level of education attainment of the smokers. Which of the following is NOT a social cost of smoking? Select one: - Cigarette taxes paid by smokers.

- Second-hand smoke and health effects on others. - Higher number of sick days for smokers. - More medical services for smokers. Globally, smoking has caused ___ more _____ deaths than has HIV/AIDS, and the total number of smokers has __ decreased _____ between the years 2000 and 2015. When an economist examines the costs of smoking, he/she will consider which of the following? Select one: - The monetary cost of cigarettes, such as $3,000 a year. - The investment opportunities this $3,000 could have earned, such as interest income or capital gains from stocks. - The healthcare costs and productivity losses due to smoking. - All of the above answers are correct.

econ midterm 1

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