1. By 2060, what fraction of the U.S. population will be over age 65?
Answer
Correct Answer:
About 1/4
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2. In the United States, consumers pay about ______ of health care costs out of pocket.
Answer
Correct Answer:
10%
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3. The federal income tax system levies ______.
Answer
Correct Answer:
Higher marginal taxes on higher incomes
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4. In 2018, the highest marginal tax rate was ______.
Answer
Correct Answer:
37%
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5. The poverty rate fell steadily during the ______.
Answer
Correct Answer:
1960s
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6. The federal poverty line is about ______ for a family of four.
Answer
Correct Answer:
$25,000
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7. When Orlando started his cleaning service, he hired five women and five men. Several of the men performed poorly, but most of the women did a good job. Now, whenever Orlando is looking to hire new workers, he saves himself some time and money by hiring more women. Orlando is discriminating in order to ______.
Answer
Correct Answer:
Reduce information costs
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8. Women make up about ______ of the U.S. workforce.
Answer
Correct Answer:
1/2
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9. When a worker is given employment at a wage lower than that of other workers, based on something other than productivity, it is known as ______.
Answer
Correct Answer:
Wage discrimination
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10. Total equality of family income would hurt ______ the most.
Answer
Correct Answer:
A family with nine children
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11. Economists assume that interpersonal utility comparisons are ______.
Answer
Correct Answer:
Impossible
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12. The principle of diminishing marginal utility is used to justify ______.
Answer
Correct Answer:
Income redistribution
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13. Income inequality tends to be most pronounced in ______.
Answer
Correct Answer:
Developing countries
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14. Goods and services given to assist people instead of money are known as ______.
Answer
Correct Answer:
In-kind transfers
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15. The Lorenz curve shows the distribution of ______.
Answer
Correct Answer:
Income
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16. Wage discrimination phenomenon is ethical.
Answer
Correct Answer:
False
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17. Temporary Assistance for Needy Families (TANF) is for _____.A welfare program designed to help families that have few financial resources
Answer
Correct Answer:
Needy
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18. SSI is a welfare program for the most needy,elderly ,disabled and _____.
Answer
Correct Answer:
Blind
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19. The percentage of the population who fall below the poverty line is called_____.
Answer
Correct Answer:
Poverty rate
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20. Poverty line is a set of money income thresholds to detect______.
Answer
Correct Answer:
Poor
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21. Means-tested income transfer programs are dependent on _____.
Answer
Correct Answer:
Low income
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22. Job-entry discrimination is when a person is ______ employment on the basis of some biological features.
Answer
Correct Answer:
Denied
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23. In-kind transfers are transfers in the form of services and goods rather than_____.
Answer
Correct Answer:
Money
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24. A welfare program that allows the working poor to receive income refunds that can be _____than the taxes they paid during the last year is called Earned income tax credit.
Answer
Correct Answer:
Greater
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25. Cash transfers are _____payments such as welfare,Social Security, and unemployment compensation.
Answer
Correct Answer:
Direct cash
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