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5.   Subsidies for mohair production illustrate:   A. why

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5. 
 Subsidies for mohair production illustrate: 




 A. why special-interest effects are often characterized by concentrated benefits and diffuse costs.



 B. why special-interest effects are often characterized by concentrated costs and diffuse benefits.



 C. that larger groups carry greater political weight than smaller groups.
 


 D. the moral hazard problem.


12  
 A merger between a maker of household detergents and a fast food chain would be an example of: 
Answer


 A. a horizontal merger.


 B. an interlocking directorate.


 C. a conglomerate merger.


 D. a tying contract.

14  
 The main purpose of industrial regulation is to: 
Answer


 A. lower price to marginal cost.


 B. lower price to average total cost such that the firm earns a fair return.


 C. break monopolies into competing firms.


 D. reduce X-inefficiency.



 
15 In 2004, a household with an annual income of $100,000 would find itself in the:

               
Answer


A)  second lowest quintile of the household income distribution.

              


  B) third quintile of the household income distribution.

              


  C) fourth quintile of the household income distribution.

          


      D) fifth (highest) quintile of the household income distribution.


16 The lowest quintile of households in the income distribution receives about:

               
Answer


A)    2.2 percent of the total income.                                     

           


     B)    3.5 percent of the total income.

              


  C)    8.4 percent of the total income.

              


  D)    10 percent of the total income.


17  
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.


18  
The Gini ratio of income inequality ranges between:
 
Answer


A) 0 and 10,000. 
 
 


B) 1 and 10. 
 


C) -1 and +1. 
 


D) 0 and 1.
 

19 
Answer the next question(s) on the basis of the following information. Suppose population A, consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5000, $2500, $1250, $750, and $500, respectively.
 Refer to the above information. What percentage of total income is received by the richest quintile?


A) 50 
 


B) 5 
 


C) 25 
 


D) 20

20 
Answer the next question(s) on the basis of the following information. Suppose population A, consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5000, $2500, $1250, $750, and $500, respectively.

Refer to the this information. Population B, consisting of Fred, George, Holly, Irma, and Joan, receive incomes of $4000, $3000, $1250, $950, and $800, respectively. We:

           
Answer


 A) can say that the income of population B is less equally distributed than that of population A.

          


B) can say that the income of population B is more equally distributed than that of population A.

           


 C) cannot make a meaningful comparison of the income distributions of populations A and B.

          


D) can say that the poorest quintile of population B receives 12 percent of total income.


21
People's incomes are relatively low when they are young, reach a peak in middle age, and then decline. This fact helps explain:



A) the wide variations of Gini ratios among nations.
 


B) the equality-efficiency tradeoff.
 


C) why the lifetime distribution of income is more equal than the distribution in any given year.
 


D) why the lifetime distribution of income is less equal than the distribution in any given year.


22 
One cause of income inequality in the United States is:



A) the free public school system.

         


   B) differences in preferences for market work relative to nonmarket activities as well as differences in preferences for types of work.

          


  C) antidiscrimination laws.

           


D) the social security system.

23 
Since 1980 the difference between the earnings of college graduates and high school graduates has:

           
Answer


 A) fallen, thereby increasing income inequality.

           


B) increased, thereby increasing income inequality.

           


C) remained constant.

         


   D) increased, thereby decreasing income inequality.


24 
The basic economic argument for greater income equality is that:
 
Answer


A) an equal distribution of income is the logical outcome of any tax-transfer program.
 


B) because citizens enjoy political equality, they are also entitled to economic equality.
 


C) a more equal distribution of income will tend to maximize incentives to work, invest, and assume risk.
 


D) a more equal distribution of a given amount of income will increase the total utility of consumers.
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