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Quiz 7,8 - if“ Wm ECO 304K Halt 2009 QUEZ#7 ll Hamerrnesh...

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Unformatted text preview: if“, Wm ECO 304K Halt 2009 QUEZ #7 ll). Hamerrnesh Please bubble in your name and {WEEK} on the scantron. Quiz grades will he on eGradebcoh AFTER 12 NOON, FRIDAY, NOVEMBER 13' l. A tax on economic rent received by bartenders would cause .' V artender to: a. Exit the bartender industry due to his decreascd saiary. I ' h. Pursue a higher level of education which may lead to a higher salary. c. Exit the bartender industry so he can make more money in his secondnchcice profession. _d. Work harder cine to increased competition in the bartender industry. (‘1; alga/Wot change his/her career decisions. r" 2. As the interest rate decreases frprn 2% to 0%, the present vaiue of $250 to be received four years from . ears w” now. in” 53;? Q a at "g: m, a. stays the same. b. decreascs. x , r o . ’a ‘a':-. “i in .h 5,»: If fa, A @Emcreases. w \A WW5 WWW-~77) w t 2* d. equals zero. . e. cannot be computed. 2: as n 3. Suppose five graduate students have monthly wages of $900, $950, $1900, $i050 and $ll00 respectively. What is the Gini coefficient forthis group? \ 1 S A S . 0 @greater than 0 but less than 0.5 Em Z) c. 0.5 d. greater than 0.5 but less than 1 e. l 4. The U. S. data for l968—2007 show that: g a. the us. poverty line for a family or4 today is $40,000. >< it "t" F _ income going to the top 20% increased most rapidly. '7, c. the US. median income is close to $75,000. d. except at the lowest 20% of households, real incomes have fallen. e. a and c. 5 Which of the foliowing IS NOT an explanation for the distribution of income being skewed to the right? a. High returns from education. b. High returns from experience. 0. Particular knowledge, skills and talents some people born with. ©Property income. q 'ei‘Government transfer programs. :— 6. What is the cause of the singie biggest problem facing Social Security over the decades to come? Mae-“FICA taxes have decreased, so there will not be a sufficient amount of money in the system. if The benefits paid to retired people will no ionger be sufficient due to inflation. here are more workers now than there were decades ago when the system worked welt. [P J x ridijeiatively speaking, there wili be fewer workers compared to retired people. ,e’t’ More Americans are hiding their income from the RS and thus not contributing to Social Security. ECG) 304K Fall 2009 (NIH? #8 D. Hamermesh Please bubble in your name and U'Il‘iEID on the seantrcn. Quiz grades will be on eGradehook AFTER 12 NOON? FRIDAY, NOVEMBER 2!} i. What is the approximate ratio of female/male earnings for full-time workers in the United States? a. .55 2. There is a huge wage gap between white non-Hispanic males and Hispanic males. Which of the following is NE}? an explanation? ..a.%Recentriess of Hispanic immigration.“ -‘ ederal and state laws. Education differences.\/ d. Language problems. V’ e. Discrimination against Hispanics. V”! 3. Usually managers (co-workers) care about how much compensation they need to hire (work) with a minority group member; so you can deduce that the theory of disorimina’tion is based on: ' @ll‘astes ,bekills . Abilities yd? Knowledge yet” Capacities 4. The best fireflor displays are typically those produced by governments. Why? 1: m he pleasures of watching a grand fireworks show are far grater than those of watching a few sparklers. @Nobody can be excluded from enjoying the fireworks display, but it will not lead to a free~rider problem. d. Fireworks display is a public good. faef Both b and d. 5'. When a new darn expands the wetland habitat housing a previously endangered species of bird, this new wetland has created a: .4” Rival in consumption. osi’tive externality. b . The tragedy of commons. midr‘lflegative externality. fie?” None of the above. 6. Burning gasoline imposes external costs on society. If these costs are NUT internalized, then from society’s point of view the firm is likely to: a charge too high a price. b. make economic prots in the long run. c. lose money in the short run. (1. under—produce. allocate too many resources to the production of the good. ...
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