Question 1 Discrimination is indicated when Select one: a. people having equal p

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Question 1

Discrimination is indicated when

Select one:

a. people having equal productivity receive unequal pay.

b. people are treated differently on the basis of individual merit.

c. incomes differ between males and females.

d. older workers are paid more than younger workers.

e. whites are paid more than blacks.

Question 2

Which of the following statements is true concerning income equality?

Select one:

a. The share of income received by the top 5% remained declined between 1960 and 2013

b. The share of income received by the top 5% increased by more than 30% between 1960 and 2013

c. The share of income received by the lower 20% of families increased significantly between 1960 and 2013

d. The United States has achieved true income inequality

e. None of the above

Question 3

College graduates have more job security than those with less education. In 2012, the unemployment rate for high school graduates

Select one:

a. was 1% higher than for college graduates.

b. was more than 7 percentage points higher than for college graduates.

c. cannot be separated from the unemployment rate for college graduates.

d. was the same as that for college graduates.

e. 10 times the rate for college graduates.

Question 4

The diagram shows that MPB = MSB at approximately 13 years of education. This implies that

Select one:

a. government should pay for the cost of college education.

b. there is a negative externality in consumption beyond 13 years of education.

c. the social optimum cannot be reached unless government funding for higher education is increased.

d. the positive externality in consumption for education no longer provides a basis for publicly subsidized education.

e. funding for K-12 education should be shifted to higher education.

Explanation / Answer

1) Solution: people having equal productivity receive unequal pay.

Explanation: Discrimination is the unjust treatment of different categories of people irrespective of equal productivity

2) Solution: The share of income received by the top 5% increased by more than 30% between 1960 and 2013

Explanation: In U.S. according to statistics between 1960 and 2013 the income share received by the top 5% increased by more than 30%

3) Solution: was 1% higher than for college graduates

Explanation: In year 2012, the unemployment rate for high school graduates was 1% higher compared to the college graduates

4) Solution: the positive externality in consumption for education no longer provides a basis for publicly subsidized education.

Explanation: When the positive externality in education consumption no longer gives a basis for publicly subsidized education thus MPB and MSC intersects below the equality level

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