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Why do national income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production?
Define net exports. Explain how U.S. exports and imports each affect domestic production.
What was the major intent of the Freedom to Farm Act of 1996? Do you agree with the intent? Why or why not? Did law succeed in reducing overall farm subsidies?
Why is knowing output levels, as well as prices, essential in evaluating how individual farmers have fared in the market over that period?
Construct and interpret a Lorenz curve for this five-person economy. What percentage of total income is received by richest quintile and by poorest quintile?
Discuss the major causes of income inequality. With respect to income inequality, is there any difference between inheriting property and inheriting a high IQ?
Why should society attempt to equalize income or economic opportunities? Are the issues of equity and equality in the distribution of income synonymous?
Why is Medicare a social insurance program whereas Medicaid is a public assistance program?
Males under the age of 25 must pay far higher auto insurance premiums than females in this age group. How does this fact relate to statistical discrimination?
Who gains and who loses from the elimination of occupational segregation? Is there a net gain or a net loss to society? Explain.
How many states had increases in the poverty rate compared to the preceding year? Than it was a decade earlier?
What are the twin problems of the health care industry as viewed by society? How are they related?
Briefly describe the main features of Medicare and Medicaid, indicating how each is financed.
Who are the main groups without health insurance? What are the estimated income and price elasticities of demand for health care?
Discuss consumer behavior, explain how health care insurance results in an overallocation. How is the moral hazard problem relevant to the health care market?
What is the rationale for exempting a firm's contribution to its workers' health insurance from taxation as worker income?
What are (a) preferred provider organizations and (b) health maintenance organizations?
What is the annual deductible under the coverage? In percentage terms, what is the copayment for prescription drug expenses below $2250 annually?
What are health savings accounts (HSAs)? How might they reduce the overconsumption of health care resulting from traditional insurance?
Which of the two approaches do you think has the better chance of reducing health care costs?
. What was the level of such expenditures in 1990? In 2000? For the most recent year shown? Find information on health expenditures as a percentage of GDP.
What percentage of the total uninsured were Asian, black, Hispanic, and white? What percentage were under 35 years of age? What percentage worked full time?
Cite an example of an explicit cost of moving; an implicit cost of moving. How do distance and age affect the migration decision?
What is a brain drain as it relates to international migration? If emigrants are highly educated and received greatly subsidized education in the home country.
Use the simple immigration model to demonstrate the key elements of the WSJ story as just described.