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3. Compared to the beginning of the 20th century, immigration now into the United States as a fraction of our population is

a. much greater (more than ten times as large)

b. somewhat greater (between twice as large and ten times as large)

c. somewhat smaller (between one-tenth as large and half as large)

d. about the same 

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1 Nov 2020

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Related questions

Question 3

According to Joseph Schumpeter, the theory of creative destruction describes a process by which

A

some new products unleash a gale of destruction that drive other new products out of the market.
B

new products unleash a gale of destruction that drives old products out of the market.
C

new products are created by the destruction of capital.
D

the creation of new products never involves the destruction of old products.

Question 4

Which of the following countries had the highest GDP per capita in 2012?

A Qatar
B

United States
C

Japan
D

Norway

Question 5

________ save a ________ of their income. This ________ capital in their economy and raises economic growth.

A

Developing countries; large proportion; decreases
B

Developing countries; small proportion; increases
C

High-income countries; large proportion; increases
D

High-income countries; small proportion; increases

Question 6

The demand for loanable funds is determined by the willingness of ________ to borrow money to engage in new investment projects.

A

A

government
B

households
C

banks
D

firms

Question 7

The U.S. economy has been more stable since 1950.

True

False

Question 8

When the economy reaches a trough in a business cycle, which of the following will occur?

A

Income, production, and employment will continue to fall.
B

Income, production, and employment will begin to rise.
C

Income and production will rise, but employment will continue to fall.
D

Employment rises, but income and production will continue to fall.

Question 9

In a closed economy, what is the relationship between saving and investment?

A

Saving is greater than investment.
B

Investment is greater than saving.
C

Investment is equal to saving.
D

Investment may be greater or smaller than saving.

Question 10

The per-worker production function shows the relationship between ________ per hour worked and ________ per hour worked, holding ________ constant.

A

labor; real GDP; technology
B

capital; real GDP; technology
C

labor; capital; real GDP
D

capital; labor; real GDP

Question 11

New growth theory states that increases in ________ capital will result in ________ at the ________ level.

A

knowledge; increasing returns to scale; firm
B

physical; decreasing returns to scale; firm
C

knowledge; decreasing returns to scale; economy
D

knowledge; increasing returns to scale; economy

Question 12

Which of the following is not a reason why the Industrial Revolution occurred when and where it did?

A

The British government was committed to upholding private property rights.
B

The British government was able to eliminate arbitrary increases in taxes.
C

The British government was able to more easily seize wealth.
D

Institutional changes by the British government helped protect wealth.

Question 13

Growth in real GDP per capita for the world economy was greatest during

A

the seventeenth century.
B

the eighteenth century.
C

the nineteenth century.
D

the twentieth century.

Question 14

Which of the following is a normative statement about economic growth?

A

Economic growth is associated with higher labor productivity growth.
B

Economic growth increases GDP per capita.
C

Economic growth hurts developing countries.
D

Foreign direct investment stimulates economic growth.

Question 15

The effect of a recession on a company like Whirlpool Corporation is such that

A

sales decline more sharply for Whirlpool as compared to firms that do not produce durable goods.
B

profits fall less sharply as compared to firms that do not produce durable goods.
C

the decline in sales is more short-lived as compared to firms that do not produce durable goods.
D

there is no difference in the impact of the recession on its profits as compared to firms that do not produce durable goods.

Question 16

For the recessions in the United States since the 1950s,

A

cyclical unemployment has been non-existent.
B

unemployment rises on average by about 1.2 percentage points 12 months after a recession begins.
C

unemployment falls on average by 2 percentage points 12 months after a recession begins.
D

unemployment rises on average about 5 percentage points 12 months after a recession begins.

Question 17

You are an economic advisor to the president. You are asked to recommend a policy to promote long-term economic growth in the economy. Which of the following policies would you choose?

A

a reduction in sales taxes
B

an investment tax credit
C

a reduction in taxes on luxury yachts
D

All of these

Question 18

In comparison to a government that runs a balanced budget, when the government runs a budget deficit,

A

the equilibrium interest rate will fall.
B

business investment will fall.
C

household savings will fall.
D

None of these

Question 19

If labor productivity growth slows down in a country, this means that the growth rate in ________ has declined.

A

labor force participation
B

the quantity of goods or services that can be produced by one hour of work
C

the working-age population
D

nominal GDP

Question 20

Policies to promote growth by increasing saving and investment work through

A

decreasing the supply of loanable funds, lowering the interest rate, raising the level of investment in physical capital.
B

increasing the supply of loanable funds, increasing the interest rate, raising the level of investment in physical capital.
C

increasing the supply of loanable funds, lowering the interest rate, lowering the level of investment in physical capital.
D

increasing the supply of loanable funds, lowering the interest rate, raising the level of investment in physical capital.

In the late 20th century, many methods were used to pay physicians for services rendered. The most popular methods include all the following except payment

a) as a base salary.

b) according to a schedule of fee-for-service (FFS).

c) based on usual, customary, reasonable (UCR) charges.

d) based on resource-based relative values(RBRVs).

e) based on patient outcomes.

Which method(s) of payment to physicians will most likely result in higher total charges due to the volume of services provided?

a) Capitation.

b) Salary.

c) Fee-for-service (FFS).

d) RBRVs.

e) Methods based on patient outcomes.

The payment method to physicians that might cause concern about under provision of medical care is

a) capitation.

b) salary.

c) fee-for-service (FFS).

d) RBRVs.

e) outcomes.

The variation in salary and total compensation for hospital administrators is much greater than that of hospital emergency room physicians. The president of a large teaching hospital may earn multiples of the president's salary of a smaller community hospital. Physicians employed by hospital emergency rooms will have very a much smaller variation in salary. One reason for this is

a) physicians work more hours than administrators.

b) variability in skill levels between the best and the worst in the field.

c) similarity in certification requirements.

d) similarity in licensure requirements.

e) variability in educational backgrounds.

The agency relationship between physicians and patients is due to

a) uncertainty about the need for care.

b) uncertainty about treatment quality and outcomes.

c) licensure rules.

d) educational backgrounds of physicians.

e) nonprofit status of hospitals.

According to the quality hypothesis of licensure, one would expect the degree of licensure to be greater for __________ than __________.

a) eyeglass fitting; eye examination by an optometrist.

b) psychological counseling; psychiatric counseling.

c) treatment of open wound that requires stitches; cutting of fingernails on a diabetic patient.

d) contact lens sale; contact lens fitting.

e) flu shot; a blood test.

According to the monopoly rents hypothesis of licensure,

a,) physicians will seek to limit the use of foreign-trained physicians.

b) only physicians should dispense flu shots.

c) allergists should welcome the new supply of herbalists in the field of allergy treatment.

d) nurse practitioners should be welcome substitutes for physicians for performing annual gynecological exams.

e) insurance has little role in ensuring current profit levels are protected.

1. The growth of ride-sharing services such as Uber and Lyft has generated much discussion in the news. Drivers operate as independent businesses, working as many hours as they choose and earning a portion of the fares set by the company. However, during periods of high demand, the market price increases (such as “surge” pricing by Uber). Provide a few reasons why ride-sharing companies share the characteristics of a perfectly competitive industry.


2. The opening of formal Cuban relations with the United States has led to greater trade between the two countries, especially in perfectly competitive products such as sugar, tobacco, and oranges. Explain what is likely to happen in the market for these agricultural products under increased trade with Cuba, and how that might affect individual farmers in the United States. What are the potential benefits to consumers and other producers?

3. One can typically find a high-quality color laser printer for $300, which comes pre-installed with four color-toner cartridges that are about half-filled. However, the cost of replacing all four toner cartridges is usually over $400. Why would companies charge more to replace the toner than to buy the printer itself? 


4. The taxi industry in many large cities spends millions of dollars lobbying local policymakers not to build rail links connecting airports to the city center, even if such mass transportation infrastructure would benefit many consumers traveling to and from the airport. Explain why such actions by the taxi industry are taken. Then, explain why taxis in cities without airport rail links are less likely to invest in fuel-efficient cars and in-taxi technologies such as televisions and Internet access.



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