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ECO 450 Week 6 Quiz

Question 1

2 out of 2 points

The Social Security retirement system:

Question 2

A retiree subject to the earnings test under Social Security:

Question 3

A worker earns $2,000 per month before taxes. He pays $140 per month payroll tax on those wages. In addition, the income taxes on those wages are $360 per month. On retirement, the worker receives a Social Security pension of $750 per month. Which of the following statements is true?

Question 4

Unless legislation is introduced to change the normal retirement age, people born in 1960 or later will be able to retire with full Social Security benefits at age:

Question 5

2 out of 2 points

Which of the following can decrease tax rates necessary to pay pensions for a pay-as-you-go pension system?

Question 6

2 out of 2 points

A nation has 40 million current retirees and a work force of 100 million. Which of the following is true?

Question 7

2 out of 2 points

The gross replacement rate:

Question 8

A pay-as-you-go social security retirement system is:

Question 9

2 out of 2 points

Social Security tax rates can be reduced if:

Question 10

2 out of 2 points

The asset-substitution effect of the Social Security retirement system leads all workers to:

Question 11

2 out of 2 points

Which of the following is a consequence of a growing federal budget deficit in the United States?

Question 12

2 out of 2 points

Given the structure and level of gross replacement rates and the expected future growth of labor earnings subject to the payroll tax, the tax rates used to tax payrolls were increased in the 1980s because:

Question 13

The induced-retirement effect of the Social Security pension system induces workers to:

Question 14

Unemployment insurance benefits are:

Question 15

The Social Security Act was implemented in the United States in:

Question 16

Which of the following is an example of the “moral hazard of health insurance”?

Question 17

Which of the following subsidizes private provision of health insurance?

Question 18

In the United States, individuals pay approximately what percent of the cost of their medical care directly to providers?

Question 19

Since 1960, expenditures on health care as a percent of GDP has:

Question 20

The percent of total health care costs in the United States paid for by governments is approximately:

Question 21

Which of the following programs accounts for the greatest amount of government expenditures on public health in the United States?

Question 22

The government program that provides the health insurance to the poor in the United States is called:

Question 23

Which of the following is true about the Medicaid program in the United States?

Question 24

Most of the medical bills of Americans in the United States are paid by:

Question 25

What would be the effect of having no health insurance available?

Question 26

The elderly are what proportion of beneficiaries of Medicare?

Question 27

If the quantity of healthcare is more than the efficient quantity, what is the consequence?

Question 28

Which of the following could help decrease the rate of increase of spending on health care in the United States?

Question 29

What is the moral hazard associated with third party payment for health services?

Question 30

The system of third-party payment for medical care in the United States has which of the following effects in the market for health care?