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Income, Poverty and Health Care MCQ

By 2060, what fraction of the U.S. population will be over age 65?

Less than 1/10

About 1/4

About 1/2

Over 3/4

Answer

Correct Answer: About 1/4

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In the United States, consumers pay about ______ of health care costs out of pocket.

80%

50%

10%

20%

Answer

Correct Answer: 10%

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The federal income tax system levies ______.

Lower marginal taxes on higher incomes

Higher marginal taxes on higher incomes

Equal marginal tax rates on all incomes

Higher marginal tax rates on lower incomes

Answer

Correct Answer: Higher marginal taxes on higher incomes

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In 2018, the highest marginal tax rate was ______.

24%

32%

37%

57%

Answer

Correct Answer: 37%

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The poverty rate fell steadily during the ______.

1960s

1970s

1980s

1990s

Answer

Correct Answer: 1960s

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The federal poverty line is about ______ for a family of four.

$5,000

$25,000

$50,000

$75,000

Answer

Correct Answer: $25,000

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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 ______.

Reduce racial bias

Hire the best available workers

Reduce information costs

Pay lower wages

Answer

Correct Answer: Reduce information costs

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Women make up about ______ of the U.S. workforce.

1/10

1/4

1/2

3/4

Answer

Correct Answer: 1/2

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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 ______.

Wage discrimination

Job-entry discrimination

Moral hazard

The Lorenz Curve

Answer

Correct Answer: Wage discrimination

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Total equality of family income would hurt ______ the most.

A single mother of one

A married couple

A single man with no children

A family with nine children

Answer

Correct Answer: A family with nine children

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Economists assume that interpersonal utility comparisons are ______.

Impossible

Simple

Mandatory

Accurate

Answer

Correct Answer: Impossible

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The principle of diminishing marginal utility is used to justify ______.

Income inequality

Income redistribution

Age discrimination

Racial discrimination

Answer

Correct Answer: Income redistribution

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Income inequality tends to be most pronounced in ______.

North America

Northern Europe

Developing countries

Developed countries

Answer

Correct Answer: Developing countries

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Goods and services given to assist people instead of money are known as ______.

In-kind transfers

Deductibles

Information costs

Moral hazards

Answer

Correct Answer: In-kind transfers

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The Lorenz curve shows the distribution of ______.

Poverty

Tax revenues

Health care costs

Income

Answer

Correct Answer: Income

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Wage discrimination phenomenon is ethical.

True

False

Answer

Correct Answer: False

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Temporary Assistance for Needy Families (TANF) is for _____.A welfare program designed to help families that have few financial resources

Needy

Rich

Influential

Political.

Answer

Correct Answer: Needy

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SSI is a welfare program for the most needy,elderly ,disabled and _____.

Blind

Deaf

Handicap

Limbless

Answer

Correct Answer: Blind

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The percentage of the population who fall below the poverty line is called_____.

Poverty rate

Gross income

Import rate

Export rate

Answer

Correct Answer: Poverty rate

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Poverty line is a set of money income thresholds to detect______.

Poor

Rich

Fraudsters

Tax defaulters

Answer

Correct Answer: Poor

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Means-tested income transfer programs are dependent on _____.

Low income

High tax

Custom duty

None of above

Answer

Correct Answer: Low income

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Job-entry discrimination is when a person is ______ employment on the basis of some biological features.

Denied

Granted

Blacklisted

None of the above

Answer

Correct Answer: Denied

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In-kind transfers are transfers in the form of services and goods rather than_____.

Money

Tax

Subsidy

None of the above

Answer

Correct Answer: Money

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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.

Greater

Lesser

Medial

Neutral

Answer

Correct Answer: Greater

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Cash transfers are _____payments such as welfare,Social Security, and unemployment compensation.

Direct cash

Credit card

Debit card

Loan

Answer

Correct Answer: Direct cash

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