In Microeconomics please answer those Q 27. If government officials set an emiss
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Question
In Microeconomics please answer those Q
27. If government officials set an emissions tax too high:
A)
there will be too little pollution.
B)
there will be too much pollution.
C)
the marginal social cost of pollution will exceed the marginal social benefit of pollution.
D)
both b and c
28.
Which of the following is an example of a government solution to externalities?
A)
The city government imposes rent control. The externality is that the quantity demand for housing exceeds quantity supply at the current price.
B)
The federal government imposes a minimum wage. The externality is that firms pay too little to their workers.
C)
The government offers free childhood immunizations. The externality is that an immunized child cannot transmit disease to others.
D)
none of the above
29.
Children raised in poverty have a greater likelihood of living in poverty as adults than do those raised in nonpoor families because low income is highly correlated with higher:
A)
high school dropout rates.
B)
risk of mental problems and behavioral disorders.
C)
rates of illness and hospitalization.
D)
All of the above.
30.
Given that the definition of poverty has not been adjusted to reflect the long-term rise in incomes, you would expect _______ in the percentage of the population living below the poverty line.
A)
a decrease
B)
an increase
C)
no change
D)
It is impossible to determine how the percentage of the population living in poverty might change.
31.
Which of the following is one of the leading causes of poverty in the United States?
A)
lack of adequate employment
B)
lack of education and poor proficiency in English
C)
discrimination
D)
all of the above
32.
Food stamps, Medicaid, and housing subsidies are all examples of:
A)
a negative income tax.
B)
welfare payments.
C)
in-kind transfers.
D)
the Temporary Assistance for Needy Families program.
33.
Redistribution programs are means-tested. To qualify for such a program, a person must demonstrate that:
A)
his or her family size is larger than the mean-family size for the country as a whole.
B)
his or her average (or mean)-family income has fallen (or not gone up) during the past three years.
C)
he or she is making serious efforts to get a job, even though he or she is currently unemployed.
D)
his or her income (or means) is below a certain specified level.
34.
T or F: Means-tested programs are available only to those with sufficiently low income. An example is the Temporary Assistance for Needy Families program.
35.
T or F: A major category of government spending is social insurance. If this is broadly defined it would include not only spending on Social Security and Medicare, but also on unemployment insurance and defense.
36.
T or F: The efficient way to reduce pollution is to impose strict environmental standards on all polluters.
37.
T or F: The optimal Pigouvian tax is equal to the marginal social cost of pollution at the socially optimal quantity of pollution.
38.
T or F: If an external cost exists, then the marginal social cost curve will be to the left of the marginal cost of production curve.
39. Which of the following characterizes monopolistic competition?
a. Many interdependent firms sell a homogeneous product.
b. A few firms produce a particular type of product.
c. Many firms product a particular type of product, but each maintains some independent control over its own price.
d. A few firms produce all of the market supply of a good.
40. A major difference between monopoly and monopolistic competition is:
a. One maximizes profits by setting MR equal MC, and the other does not.
b. The number of firms in the market.
c. One type of firm has market power, and the other does not.
d. One has a downward-sloping demand curve, and the other does not.
41. Entry into a market characterized by monopolistic competition is generally:
a. Entirely blocked by existing firms.
b. Relatively hard because many barriers exist.
c. As difficult as in oligopoly.
d. Less difficult than entry into monopolized markets.
42. A monopolistically competitive firm maximizes profits or minimizes losses in the short-run by:
a. Using marginal cost pricing.
b. Producing output at the level where ATC is minimized.
c. Producing output at the level where price equals ATC.
d. Producing output at the level where MC=MR.
43. If new firms enter a monopolistically competitive market, the demand curves for the existing firms will:
a. Shift to the left and become more price inelastic.
b. Shift to the left an there will be no change in price elasticity.
c. Shift to the right and there will be no change in price elasticity.
d. None of the above.
44. Which of the following market structures will have lower prices in the long-run than will perfect competition, ceteris paribus?
a. Monopolistic competition.
b. Oligopoly.
c. Monopoly.
d. None of the above.
45. When firms have the power to restrict output, raise prices, stifle competition, and inhibit innovation the market failure involved is:
a. Market power.
b. Externalities.
c. Common pool resources.
d. Inequities.
46. T or F: Another important thing I’ve learned in class this semester is to have plenty of bottled gravy on hand during the holiday season.
47. T or F: In sum, the main cause of escalating healthcare costs over time is improvements in healthcare-related technology.
48. T or F: The Affordable Care Act was established mainly to provide health insurance for the estimated 50 million uninsured Americans.
49. A hot mixture of pan drippings, flour, and water is commonly known as:
a. externalities.
b. market power.
c. common pool resources.
d. gravy.
50. According to the video, “Enron: The Smartest Guys in the Room”, the name of the notorious CEO of Enron was:
a. Abu Bakr al-Baghdadi
b. Jim McEwen
c. Jeffrey Skilling
d. Miley Cyrus
In Microeconomics please answer those Q
27. If government officials set an emissions tax too high:
A)
there will be too little pollution.
B)
there will be too much pollution.
C)
the marginal social cost of pollution will exceed the marginal social benefit of pollution.
D)
both b and c
Explanation / Answer
27. If government officials set an emissions tax too high:
A)
there will be too little pollution.
Greenhouse Gas emissions caused by the combustion of fossil fuels are closely related to the carbon content of the respective fuels therefore if high tax on these emissions is levied it wil lcontrol the pollution by controlling the use of these fuels.
28. Which of the following is an example of government solution to externalities?
A) The city government imposes rent control. The externality is that the quantity demand for housing exceeds quantity supply at the current price.
Externality refers to a situation where a decision or change affects a third party not related directly to such a change. In economics, externality refers to the opprtunity cost.
29. Children raised in poverty have a greater likelihood of living in poverty as adults than those raised in nonpoor families because low income is highly correlated with higher:
A) High school dropout rates.
Education opens up the oppotunities for employment and earning for a substantial amount of standard of living. Without proper education piercing the poverty cycle becomes quite difficult.
30. Given that the definition of poverty has not been adjusted to reflect the long-term rise in incomes, you would expect _______ in the percentage of the population living below the poverty line.
A) a decrease.
Due to increase in prices of goods and services over the years, the value of the currency decreases. Therefore, if the poverty line limit is still not adjusted a very less amount of people would have such lower amount to come below the line. This would mean a decrease in the number of people.
31. Which of the following is one of the leading causes of poverty in the United States?
D) All of the above.
Poor economic growth has contributed to unemployment or under-employment. Lack of quality education and language proficiency makes it difficult for the youth to get decent salaried white collar jobs. Casteism, regionalism create communal tension and partiality in the job market. All the three cause poverty.
32) Food stamps, Medicaid, and housing subsidies are all examples of:
B) Welfare Payments
Such facilities are given by the US Government to low and no-income families in the country. It is not given only during drought or war times, but is declared every year.
A)
there will be too little pollution.
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