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UNIVERSITY OF COLORADO-DENVER Principles of Microeconomics Econ 2022-OL1 Spring 2013

Question # 00002117
Subject: Economics
Due on: 10/10/2013
Posted On: 10/08/2013 03:32 PM

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1.Voluntary migration of skilled craftworkers from low-paying to high-paying nations ismostlikely to be opposed by: (Points : 2)

business groups in the high-paying nations.

craft workers who stay in the low-paying nations.

industrial unions in the high-paying nations.

craft unions in the high-paying nations.

2.In the market for superstars: (Points : 2)

earnings reflect pricing power rather than marginal revenue product.

small differences in talent get magnified into huge differences in pay.

entry and exit rarely occur.

product demand is typically highly elastic.

3.Labor market discrimination creates a: (Points : 2)

redistribution of a larger domestic output.

larger domestic output but no redistribution.

smaller domestic output but no redistribution.

redistribution of a smaller domestic output.

4.The incentive function of prices: (Points : 2)

indicates that price increases bring forth more of a resource.

is the idea that competitive markets will always clear.

applies to all resources.

only applies to land.

5.

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Theindividual firmin a purely competitive labor market faces: (Points : 2)

a perfectly elastic labor supply curve and a downsloping labor demand curve.

a perfectly elastic labor demand curve and an upsloping labor supply curve.

labor demand and labor supply curves both of which are perfectly elastic.

a downsloping labor demand curve and an upsloping labor supply curve.

6.A manufacturer using both capital and labor decides to use more labor and less capital because of an increase in the price of capital. This is likely the result of: (Points : 2)

capital and labor being complementary inputs.

capital and labor being substitute inputs.

the output effect being greater than the substitution effect.

diminishing returns being applicable to capital but not to labor.

7.The fact that people prefer present consumption to future consumption results in: (Points : 2)

a downsloping demand for loanable funds curve.

an upsloping supply of loanable funds curve.

a downsloping supply of loanable funds curve.

an upsloping demand for loanable funds curve.

8.Export supply curves are __________________; import demand curves are ___________________. (Points : 2)

horizontal; vertical

vertical; horizontal

downsloping; upsloping

upsloping; downsloping

9.In the real world, specialization is rarely complete because: (Points : 2)

nations normally experience increasing opportunity costs in producing more of the product in which they are specializing.

production possibilities curves are straight lines rather than curves bowed outward as viewed from the origin.

one nation's imports are necessarily another nation's exports.

international law prohibits monopolies.

10.In comparing a tariff and an import quota we find that: (Points : 2)

the tariff and quota both generate the same amount of revenue for the United States Treasury.

the tariff generates revenue for the United States Treasury but the quota does not.

the quota generates revenue for the United States Treasury but the tariff does not.

neither the tariff nor the quota generates revenue for the United States Treasury.

11.Countries engaged in international trade specialize in production based on: (Points : 2)

relative levels of GDP.

comparative advantage.

relative exchange rates.

relative inflation rates.

12.The idea of efficiency wages is that: (Points : 2)

the wages of each type of labor must be proportionate to their marginal products.

the wages of each type of labor must be equal to their marginal products.

firms might get greater work effort by paying above-equilibrium wage rates.

workers are more diligent when paid below-equilibrium wages.

13.The Earned Income Tax Credit: (Points : 2)

increases the personal income tax liability of low-income working families.

provides a cash payment to low-income working families if their tax credit exceeds their tax liability.

is designed to make labor force employment less attractive.

was eliminated as part of welfare reform in 1996.

14.Independent unions: (Points : 2)

have greater combined membership than the AFL-CIO.

are not affiliated with the AFL-CIO.

include the United Autoworkers and Carpenters Union.

have about the same combined membership as the AFL-CIO.

15.Capitalist income (corporate profits, interest, and rent) has: (Points : 2)

declined sharply since 1900 because of the growing strength of labor unions.

remained approximately constant in this century.

increased significantly because of rising rents.

fallen in this century because of the declining importance of corporations.

16.As it relates to international trade, dumping: (Points : 2)

is a form of price discrimination illegal under U.S. antitrust laws.

is the practice of selling goods in a foreign market at less than cost.

constitutes a general case for permanent tariffs.

is defined as selling more goods than allowed by an import quota.

17.The Lorenz curve portrays: (Points : 2)

the functional distribution of income.

the ratio of labor to capitalist income.

the personal distribution of income.

income equality.

18.A deficit on the current account: (Points : 2)

normally causes a surplus on the capital and financial account.

normally causes a deficit on the capital and financial account.

has no relationship to the capital and financial account.

means that a nation is making international transfers.

19.A nation's capital and financial account: (Points : 2)

contains inpayment items, but not outpayment items.

includes service exports and service imports.

includes both inpayments and outpayments.

includes net investment income and net transfers.

20.By reducing labor turnover, unions may increase productivity because a lower turnover rate: (Points : 2)

results in a less-experienced work force.

increases the incentive for firms to provide training to their workers.

allows firms to employ a greater number of younger, more energetic workers.

increases the incentive for firms to substitute labor for capital in the production process.

21.The lifetime distribution of income is more equal than the annual distribution. This statement is: (Points : 2)

true, because the rich have gotten richer and the poor have gotten poorer.

true, because there is considerable income mobility over time.

false, because people tend to stay in the same income quintile over extended periods of time.

false, because the rich have gotten richer and the poor have gotten poorer.

22.Supporters of offshoring claim that its benefits include: (Points : 2)

increased demand for workers in complementary jobs.

keeping U.S. firms profitable by lowering production costs.

reduced prices for consumers.

all of these.

23.The earnings of highly educated workers: (Points : 2)

rise more slowly than those of less-educated workers.

rise more rapidly than those of less-educated workers.

rise at about the same rate as those of less-educated workers.

stagnate earlier than do those of less-educated workers.

24.The marginal productivity theory of income distribution suggests that : (Points : 2)

government should subsidize the most productive workers through a system of transfer payments.

each individual should receive income based on his contribution to total output.

resource owners should receive income based on the idea of "from each according to his ability, to each according to his wants."

resource owners should receive income based upon their needs.

25.The demand for airline pilots results from the demand for air travel. This fact is an example of: (Points : 2)

resource substitutability.

rising marginal resource cost.

elasticity of resource demand.

the derived demand for labor.

26.The availability of health insurance tends to: (Points : 2)

decrease the demand for health care and cause an underallocation of resources to the health care industry.

increase the quantity of health care demanded and cause an underallocation of resources to the health care industry.

increase the quantity of health care demanded and cause an overallocation of resources to the health care industry.

decrease the quantity of health care demanded and cause an overallocation of resources to the health care industry.

27.The Gini ratio of income inequality ranges between: (Points : 2)

0 and 10,000.

1 and 10.

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1 and +1.

0 and 1.

28.Henry George advocated a single tax on: (Points : 2)

real capital.

entrepreneurial profits.

land.

labor income.

29.The crowding of women and minorities into a restricted number of occupations: (Points : 2)

has no impact on the size of the domestic output or its distribution in the long run.

will increase the size of the domestic output and make its distribution more equal.

will decrease the size of the domestic output and make its distribution less equal.

will increase the size of the domestic output, but make its distribution less equal.

30.Renewable resources: (Points : 2)

can never be exhausted permanently.

can be exhausted if harvest rates exceed replenishment rates for an extended period.

can be exhausted if replenishment rates exceed harvest rates for an extended period.

will tend to be over-harvested when they are private property.

31.The marginal cost-marginal benefit approach to migration suggests that: (Points : 2)

the optimal amount of immigration to the United States is probably zero.

everyone who wishes to come to the United States should be allowed to do so.

a particular level of immigration may be too low or too high.

efforts to reduce the inflow of illegal immigrants should be abandoned.

32.When economists say that health care services are overconsumed, they mean that: (Points : 2)

rich people buy too much health care and poor people buy too little.

some resources now used in the health care industry could produce alternative goods and services that society values more highly.

health care is being purchased in amounts such that marginal benefits exceed marginal costs.

the price of health care is below equilibrium so that quantity demanded exceeds quantity supplied.

33.In the United States, the rate of unionization is: (Points : 2)

higher in mining than in government.

lower in transportation than agriculture.

higher in transportation than in retail trade.

lower in government than in finance, insurance, and real estate.

34.Two of the implications of large U.S. trade deficits for the United States are: (Points : 2)

decreased current consumption and decreased indebtedness to foreigners.

reduced budget deficits and decreased indebtedness to foreigners.

reduced current consumption and higher saving.

increased current consumption and increased indebtedness to foreigners.

35.Statistical discrimination: (Points : 2)

can persist in the long run if differences in average characteristics among groups continue.

will tend to diminish in the long run, because nondiscriminating firms will drive out discriminating firms.

requires that employers have discrimination coefficients greater than zero.

is also known as occupational segregation.

36.Employers will hire more units of a resource if: (Points : 2)

the price of the resource increases.

the productivity of the resource increases.

the price of the good being produced declines.

the price of a complementary resource rises.

37.Collective bargaining agreements usually cover: (Points : 2)

wages and hours.

union status.

seniority and job opportunities.

all of these.

38.The basic argument for income inequality is that: (Points : 2)

the very rich establish consumption patterns that are desirable for the rest of society to emulate.

the rich buy luxury goods that soon become affordable to everyone else because of economies of scale.

income inequality is essential to maintain incentives to produce.

inequality undermines incentives and tends to reduce the size of the national income.

39.The total fertility rate: (Points : 2)

measures the average number of children that a woman is expected to have during her lifetime.

measures the average number of children that each couple is expected to have during their lifetime.

equals the rate of population change over time.

rises as income rises.

40.If a U.S. importer can purchase 10,000 pounds for $20,000, the rate of exchange is: (Points : 2)

$1 = 2 pounds in the United States.

$2 = 1 pound in the United States.

$1 = 2 pounds in Great Britain.

$.5 = 1 pound in Great Britain.

41.Given the availability of the Medicaid program, why are so many poor people uninsured? (Points : 2)

Because only a fixed percentage of the population can participate in Medicaid at any time.

Because many poor people earn enough that they do not qualify for Medicaid.

Because nonincome requirements screen many poor people from the program.

Because only native-born Americans are eligible for the program.

42.A market in which the money of one nation is exchanged for the money of another nation is a: (Points : 2)

resource market.

bond market.

stock market.

foreign exchange market.

43.The parity ratio: (Points : 2)

compares worker productivity in the farm and nonfarm sectors.

is the ratio of per capita farm income to per capita nonfarm income.

is the ratio of prices received by farmers to prices paid by farmers.

is the ratio of prices paid by farmers to prices received by farmers.

44.Other things equal, the monopsonistic employer will pay a: (Points : 2)

lower wage rate and hire fewer workers than will a purely competitive employer.

higher wage rate but hire fewer workers than will a purely competitive employer.

lower wage rate but hire a larger number of workers than will a purely competitive employer.

higher wage rate and hire a larger number of workers than will a purely competitive employer.

45.Defensive medicine refers to the idea that: (Points : 2)

it is more cost-efficient to prevent illnesses than to cure them.

physicians may require unnecessary testing as a means of protecting themselves against malpractice suits.

doctors know much more about diagnosing and treating illnesses than do health care consumers.

physicians do not advertise their services or fees.

46.A major difficulty with the argument that trade barriers are necessary because foreign workers are paid low wages is that: (Points : 2)

labor costs and product prices are not related.

there is no discernible relationship between wage rates and labor productivity.

wage rates and labor productivity are directly related.

wage rates and labor productivity are inversely related.

47.Featherbedding refers to: (Points : 2)

a situation in which a union forces an employer to hire union workers in preference to nonunion workers.

the requirement that unneeded workers be retained on a job.

the refusal by one union to handle or transport goods produced by workers in another union.

disputes among two or more unions as to which will perform certain jobs.

48.A major implication of asymmetric information is that: (Points : 2)

health care suppliers may reduce the supply of health care.

health care suppliers may increase the demand for health care.

collusion between health care suppliers and purchasers may accelerate the rise in costs.

resources may be underallocated to the health care industry.

49.An example of a social insurance program is ____________, whereas an example of public assistance program is _______. (Points : 2)

Temporary Assistance for Needy Households; unemployment compensation

Supplemental Security Income; unemployment compensation

Social Security; food stamps

Medicaid; Medicare

50.A lower equilibrium interest rate: (Points : 2)

increases saving, reduces total spending, and increases total output.

decreases saving, increases total spending, and decreases total output.

increases investment, increases total spending, and increases total output.

decreases investment, decreases total spending, and increases total output.

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UNIVERSITY OF COLORADO-DENVER Principles of Microeconomics Econ 2022-OL1 Spring 2013

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Preview: the xxxxxxx and xxxxxxxxx account        has xx relationship to xxx capital xxx xxxxxxxxx account xxxxxxxxxxxxxxxxxxx that a xxxxxx is making xxxxxxxxxxxxx transfers xx xxx nation's xxxxxxx and financial xxxxxxxx (Points : xxxxxxxxxxxxxxxxxxxxxxxx inpayment xxxxxx xxx not xxxxxxxxxx items        includes xxxxxxx exports and xxxxxxx imports xxxxxxxxxxxxxxxxxxxxxx xxxx inpayments xxx outpayments        includes xxx investment income xxx net xxxxxxxxx xx  By xxxxxxxx labor turnover, xxxxxx may increase xxxxxxxxxxxx because x xxxxx turnover xxxxx (Points : xxxxxxxxxxxxxxxxxxxxxxx in a xxxxxxxxxxxxxxxx work xxxxx xxxxxxxxxxxxxxxxxxxxxxx the xxxxxxxxx for firms xx provide training xx their xxxxxxx xxxxxxxxxxxxxxxxxxxx firms xx employ a xxxxxxx number of xxxxxxxx more xxxxxxxxx xxxxxxx        increases xxx incentive for xxxxx to substitute xxxxx for xxxxxxx xx the xxxxxxxxxx process 21 xxxxx lifetime distribution xx income xx xxxx equal xxxx the annual xxxxxxxxxxxx This statement xxx (Points x xxxxxxxxxxxxxxxxxxxxx because xxx rich have xxxxxx richer and xxx poor xxxx xxxxxx poorer xxxxxxxxxxxxxxxxxxx because there xx considerable income xxxxxxxx over xxxx xxxxxxxxxxxxxxxxxxxx because xxxxxx tend to xxxx in the xxxx income xxxxxxxx xxxx extended xxxxxxx of time xxxxxxxxxxxxxxxxxxxx because the xxxx have xxxxxx xxxxxx and xxx poor have xxxxxx poorer 22 xxxxxxxxxxxx of xxxxxxxxxx xxxxx that xxx benefits include: xxxxxxx : 2)       increased xxxxxx for xxxxxxx xx complementary xxxx        keeping U x firms profitable xx lowering xxxxxxxxxx xxxxx        reduced xxxxxx for consumers xxxxxxxxxxxxxxxxx of these xx  The xxxxxxxx xx highly xxxxxxxx workers: (Points x 2)       rise more xxxxxx than xxxxx xx less-educated xxxxxxx        rise more xxxxxxx than those xx less-educated xxxxxxx xxxxxxxxxxxxxxxxxx at xxxxx the same xxxx as those xx less-educated xxxxxxx xxxxxxxxxxxxxxxxxxxxxx earlier xxxx do those xx less-educated workers xx  The xxxxxxxx xxxxxxxxxxxx theory xx income distribution xxxxxxxx that : xxxxxxx : xxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxx subsidize xxx most productive xxxxxxx through a xxxxxx of xxxxxxxx xxxxxxxx        each xxxxxxxxxx should receive xxxxxx based on xxx contribution xx xxxxx output xxxxxxxxxxxxxxxxxxxxxx owners should xxxxxxx income based xx the xxxx xx "from xxxx according to xxx ability, to xxxx according xx xxx wants xxxxxxxxxxxxxxxxxxxxxxx owners should xxxxxxx income based xxxx their xxxxx xx  The xxxxxx for airline xxxxxx results from xxx demand xxx xxx travel xxxx fact is xx example of: xxxxxxx : xxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxx        rising xxxxxxxx resource cost xxxxxxxxxxxxxxxxxxxxxxxx of resource xxxxxx        the xxxxxxx xxxxxx for xxxxx 26  The xxxxxxxxxxxx of health xxxxxxxxx tends xxx xxxxxxx : xxxxxxxxxxxxxxxxxxxxxxxx the demand xxx health care xxx cause xx xxxxxxxxxxxxxxx of xxxxxxxxx to the xxxxxx care industry xxxxxx.....
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