Quiz 14 of ECON251 Purdue University In Tutorial Library

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TITLE: Quiz 14 of ECON251 Purdue University

UNIVERSITY / INSTITUTE: Purdue University

CLASS / COURSE: ECON 25100: Microeconomics

QUESTION DESCRIPTION:

Quiz 14 (Chapter 20)
 
1. The Lorenz curve shows the: 
 
A. progressiveness of the Federal tax system.  
 B. degree of inequality in the distribution of income.    
C. degree of discrimination against African-Americans and other minorities.  
D. percentage of the population that is below the poverty line.  
 
2. The Gini ratio of income inequality ranges between: 
 
A. 0 and 10,000.  
B. 1 and 10.  
C. -1 and +1.  
 D. 0 and 1.    
 
3. Which of the following Gini ratios indicates the highest degree of income inequality? 
 
 A. 0.78    
B. 0.65  
C. 0.29  
D. 0.42  
 
4. Which of the following Gini ratios indicates the lowest degree of income inequality? 
 
A. 0.71  
B. 0.55  
 C. 0.31    
D. 0.45  
 
5. If discrimination based on gender and race was eliminated, we would expect the: 
 
A. personal distribution of income to become less equal.  
 B. personal distribution of income to become more equal.    
C. personal distribution of income to be unaffected.  
D. functional distribution of income to change in favor of profits and interest.  
 
6. Which of the following would likely reduce income inequality? 
 
 A. a reduction in the number of high school dropouts.    
B. a reduction in social security benefits.  
C. greater inequality in the distribution of wealth.  
D. more stringent requirements to obtain occupational licenses.  
 
7. Wealth in the United States is: 
 
A. distributed in a way that reduces the degree of income inequality.  
 B. more unequally distributed than is income.    
C. less unequally distributed than is income.  
D. distributed in a way that has no effect on income inequality.  
 
8. A major difference between social insurance and public assistance is that the: 
 
 A. former is regarded as an earned right while the latter is public charity.    
B. latter is regarded as an earned right while the former is public charity.  
C. latter is financed through earmarked payroll taxes and the former is financed by general tax revenues.  
D. former are state and local programs while the latter are Federal programs.  
 
9. The primary purpose of Social Security is to: 
 
A. subsidize families in need.  
B. offset the progressiveness of the personal income tax.  
C. provide income for workers who are temporarily unemployed.  
 D. provide income for retired and disabled workers.    
 
10. Since its inception in 1996, the Temporary Assistance for Needy Families (TANF) program has: 
 
A. increased, rather than reduced, the number of people on welfare.  
 B. reduced the number of people on welfare by more than one-half.    
C. aided the poor by automatically increasing welfare payments when inflation occurs.  
D. greatly increased the unemployment rate.  
 
 

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SUBJECTS / CATEGORIES:
1. Business Economics
2. Economics
3. Microeconomics

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