Test 'Review Submission: Unit VIII Assessment
Page 2 of5
Instructions
Instructions
1. YOLImay open this unit assessment multiple times, but you may only submit
it once.
2. You may print the unit assessment
Alternatively,
and prepare your
answers offlin.e.
you may enter and save your answers for a portion of the
assessment and continue at a later time.
3. Your textbook and other reference materials may be used to complete' this
assessment.
4. When answering the multiple choice questions, mark the correct response
in Blackboard.
5. When answering the
written resll'onse Questions, please follow
these requirements:
a. Your answer to each wrtitten response Question should contain a
minimum 200 word response.
b. Spelling and grammar will impact your grade.
Make certain to
proofread each written response carefully before clicking on the
submit button.
c. Make certain that all of your sources (including your textbook)
are
referenced at tlne end of the wrfttelfl response and that directly
quoted information
within your written response is cited to show the
difference between your ideas and the exact words of your sources.
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used.
Examples of prohibited
sources include, but are not limited to,
Wikipedra, Encarta, and World Book.
e.
It is suggested (although not required) that these references and
citations be put ill APA Style because you willi be using this style in
other papers, projects, case studies, and article reviews. On the
main page of the course you will find a "My Library" button on the
reft; click it arnd then "APA Resources" for extensive irnformation of
APA Style.
6. Once all questions have been answered,
at the bottom of the assessment.
click the "Submit" button located
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Question 1
5 out of 5 points
If you engage in th~ produc~ion and sales of home-grown produce with the intention to evade paying taxes on your
sales, you are participating In the
.
~
Selected Answer: ~
Correct Answer:
t:i
underground economy
underground economy
Question 2
5 out of 5 points
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Review Test Submission: Unit VIII Assessment
Which of the following items is considered a public good?
q
Selected Answer:
Correct Answer:
Bl
!tIl
Public schooling
Public schooling
5 out of 5 points
Question 3
A person cannot be easily excluded from consuming ~ public good. This si~uation may cause some people to enjoy
the benefits of consumption without the cost, and this IS an example of the.
M; Selected Answer:
free-rider problem.
~
Correct Answer:
~
free-rider problem.
5 out of 5 points
Question 4
q
Overfishing certain waters in the ocean is an example of what type of problem?
Selected Answer: ~
Common-pool problem
Correct Answer:
Common-pool problem
~
5 out of 5 points
Question 5
Which of the following is NOT protected by the Environmental Protection Agency?
q
Selected Answer: ~
Minerals
Correct Answer:
Minerals
~
5 out of 5 points
Question 6
Which of the following is NOT a reason that incomes differ?
Selected Answer: Bj Incomes can vary based on personal preferences.
Correct Answer:
~
Incomes can vary based on personal preferences.
5 out of 5 points
Question 7
In 2007, which of the following was NOT an official poverty level in the United States?
Selected Answer: ~
$25,723 for a family of three
Correct Answer:
$25,723 for a family of three
~
Question 8
5 out of 5 points
The elderly are supported by several constituencies. Which of the following BEST describes the support derived for
Social insurance programs for the The elderly?
Selected
Answer:
~ elderly, people under 65 with living elderly parents, concerned citizens below the age of 65,
vote-seeking political candidates, and nursing home employees are all constituents of social
insurance programs.
Correct
Answer:
~ The elderly, people under 65 with living elderly parents, concerned citizens below the age of 65,
vote-seeking political candidates, and nursing home employees are all constituents of social
insurance programs.
Question 9
20 out of 20 points
?
p
Review Test Submission: Unit VIn Assessment
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Explain the differences between private goods, public goods, natural monopolies, and open-access goods. Provide
examples of each with your explanations.
Selected
Answer:
Private goods are rival and exclusive, such as a pizza. Public goods are goods
that are nonrival and nonexclusive, such as national defense. Natural
monopolies are goods that are between private and public goods, which are
nonrival but exclusive, such as cable TV. Open-access goods are goods that are
rival but nonexclusive, such as ocean fish.
Correct
Answer:
[None]
Response
Feedback:
Good you got them all.
Question 10
20 out of 20 points
What is the Couse theorem, and how does it apply to the analysis of externalities?
Selected
Answer:
Correct
Answer:
[None]
Response
Feedback:
~
Coase theorem is an efficient solution to the problem of externalities that gives
property rights to one party or the other. If transactions cost does not overwhelm
gains, property rights will bring resources to their efficient uses, which the
market permits the Coase theorem in action.
Correct
Question 11
List and describe three income redistribution programs in the United States.
Selected
Answer:
Throughout the United States, households with incomes beRS\?18
~Aints
level are suffering from poverty. Society has responded in many ways to the
poor by establishing redistribution programs to help make up for the lost income
for people who are temporarily unemployed, retired, or unable to work because
of disabilities.
Some of the redistribution programs are Social Security,
Supplemental Security Income and Medicaid.
The largest government redistribution program is Social Security. Social
security, established to supplements retirement income of individuals with a
record of contributing to the program throughout their working year.
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-Review Test Submission: Unit VIII Assessment
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Another redistribution program is Supplemental Security Income.
Supplemental Security Income is an income assistance program that provides
cash transfers to the elderly poor and the disabled, which a uniform federal
payment is supplemental by transfers that vary across states.
Then there is Medicaid. Medicaid is the largest welfare program costing
more than all cash and other in-kind programs combined. Medicaid provides
medical care for those with low income who are aged, blind, disable, or families
with dependent children. Each state has a qualifying level of income set for
granting federal grants for covering the benefits.
Many of these programs make up the greatest share in society. These
programs helped in successfulness in reducing poverty throughout our country.
As some countries, have far more extensive redistribution programs just like the
United States.
Reference List
McEachern, W.A., (2010-2011). Econ micro 2, pgs. 262-264.
Correct
Answer:
[None]
Response
Feedback:
Good you got them all.
Thursday, July 21, 2011 7:04:29 PM COT
OK
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id= 4556040
l&cour...
7/21/2011