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ECON2302 - KC - Ch20

Economics Chapter 20 review

QuestionAnswer
Raising total utility is the prime objective of which political philosophy? utilitarianism
Which two of the "Ten Principals of Economics" are illustrated in Chapter 20? Governmnets can sometimes improve market outcomes & People face tradeoffs.
According to the maximum criterion, income should be transferred from the rich to the poor as long as it raises the wellbeing of the least fortunate.
What is the poverty line for a family of eight with two children? $32,812
In-kind transfers are politically popular because the public believes that the aid is not going to support alcohol and drug addition.
A common criticism of government programs that are designed to assist the poor is that they create incentives for people to become "needy".
A follower of liberalism would not support a redistribution of of income but rather would focus on equalizing opportunities. True or false? FALSE
An advantage of a negative income tax is that is does not encourage the breakup of families because the only criterion for assistance is family income. True or false? TRUE
Among all countries in the world, the United States has the most income inequality. True or false? FALSE
Many democrats who campaigned in the 2006 elections supported raising the U.S. minimum wage. Critics of raising the minimum wage argue that minimum wage laws are imprecise in their ability to help the working poor.
Despite continued growth in average income since the early 1970's, the poverty rate has not declined below the level reached in 1973. True or false? TRUE
According to libertarians, the government should redistribute income from rich individuals to poor individuals to achieve a more equal distribution of income. True or false? FALSE
A utilitarian government will pursue policies that redistribute income from the rich to the poor. One problem with these policies is that everyone has less incentive to work.
In 2008 the top 20% of income earners accounted for over 80% of all income received in the United States. True or False? FALSE
Binding minimum wage laws force a market imbalance between the supply and demand for labor.
In 2008 US distribution of income shows that the top 20% of families have approximately what share of income? 50%
Which of the following is correct? Governments can sometimes improve market outcomes.
Which of the following is correct? Minimum wage laws may benefit teenagers from middle-class families, so the policy is not a precise way to help the poor.
Which of the following is correct? Governments can sometimes improve market outcomes.
In the Unites States from 1935 - 2008 the share of tota income earned by the bottom 5th of income earners rose and then fell. True or false? TRUE
If the poverty rate in Abbeyville is 12%, what is the poverty line in Abbyville? $15,000
The United States has a more unequal income distribution that many other developed countries such as Japan and Canada. True or false? TRUE
A disadvantage of the Earned Income Tax Credit (EITC)is that it does not help alleviate poverty due to unemployment, sickness, or other inability to work. True or false? TRUE
Created by: debra473
 

 



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