Micro Test 3

Question 1

Highest fifth of all families make up what percent of the distribution of annual money income?

Answer 1

50%

Question 2

Families with head of household with a bachelor degrees has the lowest poverty rate

Answer 2

Education and the poverty rate (the poverty rate is the lowest)

Question 3

A graph of the actual cumulative distribution of income compared to a perfectly equal cumulative distribution of income

Answer 3

Lorenz Curve

Question 4

Federal Insurance Contribution Act

Answer 4

FICA

Question 5

Medicare
Medicaid
Supplement Nutrition Assistance Program (SNAP)
Housing Assistance

Answer 5

Types of in-kind payments

Question 6

A plan under with familiar below a certain break-even level of income would receive cash payments that decrease as their income increase

Answer 6

Negative income tax (NIT)

Question 7

The principle that employees who work for the same employer must ve paid the same wage when their jobs, even if different, require similar levels of education, training, experience, and responsibility. A non market wage-setting process is used to evaluate and compensate jobs according to pint scores assigned to different jobs

Answer 7

Comparable worth (equal pay)

Question 8

1964 poverty line is how many times at or below the $ needed to feed the family

Answer 8

three times (3 times)

Question 9

Firms that place their assets in the custody of a board of trusties

Answer 9

Trust

Question 10

The practice of one or more firms temporary reducing prices in oder to eliminate competition and then raising prices

Answer 10

Predatory pricing

Question 11

Example: building materials in government contracts and the answer is:

Answer 11

Price Fixing