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EC 333 Final Exam
BIOTCH!
85
Economics
Undergraduate 4
12/11/2010

Additional Economics Flashcards

 


 

Cards

Term
IMMIGRATION POLICY!
Definition
BIOTCH!
Term
Immigration policy in the U.S. is the province of. . .
Definition
. . . the federal government
Term
As of 2004, what percent of the U.S. population was made up of immigrants?
Definition
12%
Term
The number of ILLEGAL immigrants in the U.S. is estimated to be about. . .
Definition
10 million
Term
When comparing the markets for skilled and unskilled labor. . .
Definition

. . . the unskilled market will have a much "flatter" demand curve.

 

The reason the low-skill demand curve is a lot flatter is that high skill labor can easily substitute for low-skill labor, but not the other way around.

(Surgeons can become leaf rakers, but leaf rakers can't become surgeons.)

Term
T/F "Generally speaking, classical liberals tend to favor more controls and restrictions on immigration."
Definition
False: A classical liberal would favor less control.
Term
T/F "For the world as a whole, restricting immigration into the U.S. results is a deadweight loss in terms of economic efficiency."
Definition
True
Term
T/F "Paul Krugman believes that there has been little economic benefit to the U.S. from low-skilled worker immigration in terms of growth of gross domestic product."
Definition
True
Term
T/F "The Immigration Reform and Control Act of 1986 imposed penalties on employers who hired illegal immigrants."
Definition
True
Term
NY Times columnist John Tierney in his defense of liberal immigration policies cites which of the following as an argument in his favor?
Definition
John Rawls's "Veil of Ignorance."
Term
Paul Krugman, the liberal coumnist for Ny Times, sees _______________ as a potentially serious negative effect of large scale guest worker programs that don't lead to U.S. citizenship.
Definition

Large disenfranchised populations leading to weaker social safety nets for everyone.

 

disenfranchised: deprived of the rights of citizenship especially the right to vote; "labor was voiceless"; "disenfrenchised masses took to the streets"

Term
HEALTH POLICY!
Definition
MUTHA FUCKAA!
Term
What was the approximate average cost in 2005 for health insurance for a family for employer-based coverage?
Definition
$10,000
Term
What kind of causes of market failure occur in medical insurance markets?
Definition
Information failures
Term

T/F Most economists agree that the phenomenon of adverse selection is present in health insurance markets.

 

adverse selection: The process by which the price and quantity of goods or services in a given market is altered due to one party having information that the other party cannot have at reasonable cost

Definition
True
Term
T/F: If people systematically misjudge the risks of injury or illness then there will be market failure in health insurance markets.
Definition
True
Term
Approximately what percent of Americans are currently covered by employer-based health insurance programs?
Definition
55%
Term

Approximately what percent of Americans have health insurance through Medicaid?

 

medicaid: United States health program for eligible individuals and families with low incomes and resources. It is a means tested program that is jointly funded by the state and federal governments, and is managed by the states.

Definition
17%
Term

Approximately what percent of Americans have health insurance through the Medicare system?

 

medicare: health care for the aged; a federally administered system of health insurance available to persons aged 65 and over

Definition
13%
Term
Approximately what percent of Americans currently have no health insurance?
Definition
15%
Term
T/F: It is Krugman's view in "Health Economics 101" that the number of people with very large medical expenses is small, but for that for those who incur substantial medical expenses costs are crushing. So it's prudent to have medical insurance.
Definition
True
Term
It is Krugman's view that so long as there is more than one insurance company, the health insurance market will suffer from. . .
Definition
. . . adverse selection.
Term
According to Krugman, in real world insurance markets, a company that offered policies at rates that would covera person's average medical costs would. . .
Definition
. . . make huge losses.
Term
Anna Bernasek, in her NY Times article, favors a health care plan that is. . .
Definition
. . . a single payer system.
Term
Robert Frank says that the reason health insurance companies spend so much money to avoid providing
insurance to people who may actually need health care is. . .
Definition
. . . economic incentives to their behavior.
Term
Single-Payer System
Definition
______ health care is the financing of the costs of delivering universal health care for an entire population through a single insurance pool out of which costs are met. There may be many contributors to the single pool (insured persons, employers, government etc.)
Term
Robert Frank claims that a single-payer plan for the U.S. that would then have expenses at the same
level as other countries' systems would save about. . .
Definition
. . . $300 billion per year.
Term
Robert Frank says there are two obstacles to getting a single-payer plan adopted in the U.S. One of
those obstacles is opposition from. . .
Definition
. . . private insurance companies.
Term
Emanuel and Fuchs call the present U.S. employer-based scheme for health insurance. . .
Definition
. . . inefficient and inequitable.
Term
T/F: According to Emanuel and Fuchs, the current plan of employer-provided health insurance with pre-tax
dollars is inequitable because it provides larger subsidies to the rich than the poor.
Definition
True
Term
T/F: Emanuel and Fuchs favor keeping the Medicare system in place, and in fact expanding it to additional groups of people at successively lower ages.
Definition
False: Emanual and Fuchs favor phasing out medicare with their voucher program.
Term
T/F: Emanuel and Fuchs think that their voucher plan is politically feasible at this time.
Definition
False: The economic feasibility of the voucher system depends on the cost of the publicly funded universal
benefits package, as compared with the cost of employer-
based insurance, Medicaid, the State Children’s
Health Insurance Program, and other programs
being replaced.
Term
T/F: The Massachusetts plan to provide universal health care would require everyone who can afford it to buy
coverage, and even penalize them on their taxes if they don't.
Definition
True
Term
T/F: The Massachusetts health care plan would eliminate the incentive insurance companies now have to try to deny coverage to people who need care.
Definition
False: Analysts say that adding more healthy people — who use less care — into the insurance system keeps deductibles and premiums down for all.
Term
The Massachusetts health care plan would impose an annual charge on employers who do not provide
insurance for their employees of. . .
Definition
$295
Term
In the experience of the Massachusetts health plan the group that most often opted out of health care
coverage (because they just don't think they will need it) are. . .
Definition
. . . young males.
Term
INCOME INEQUALITY AND DISCRIMINATION!
Definition
TRICK!
Term
Milton Friedman prefers taxes on income that are. . .
Definition
. . . flat rate.
Term
Milton Friedman generally supports an income tax system in which. . .
Definition
. . . deductions are not allowed.
Term
Milton Friedman generally prefers an income distribution that is. . .
Definition
. . . market determined.
Term
David Brooks, in his article in the New York Times, believes that. . .
Definition
. . . equality of opportunity is most important.
Term
T/F: Ben Stein, the conservative economist, lawyer, and entertainer, believes that George W. Bush and the
Republican Congress gave us a more unjust society when they lowered the tax rates on the rich in the
early 2000's.
Definition
True
Term
T/F: It's Ben Stein's view that "The rich should simply not be that much richer than everyone else."
Definition
True
Term
T/F: Ben Stein believes that the rich should pay a lot less taxes than they currently do.
Definition
False: Ben Stein believes that the rich should pay more taxes than they currently do.
Term
T/F: Krugman says that the median family real income between 1973 and 2005 (a period of over 30 years)
rose by only 16 percent.
Definition
True
Term
T/F: According to Krugman, during the period 1973 to 2005, the reason median family income rose at all was
because women's wages and labor market participation increased.
Definition
True
Term
T/F: It's Krugman's view that since 1973 the only clear gains in income accrued only at the upper end of the
income distribution.
Definition
True
Term
It is Robert Frank's argument that the disincentive effects of raising taxes on the rich are. . .
Definition
. . . almost non-existent.
Term
Uri Berliner's NPR article says that income inequality in the U.S.. . .
Definition
. . .increased dramatically because of stock market gains and executive salaries.
Term
John Idstie found in his story about changes in inequality that. . .
Definition
. . . incomes of the rich have exploded.
Term
David Leonhardt in his New York Times piece concludes that income data don't measure changes in
welfare very well because. . .
Definition
. . . inflation is poorly measured because of technical change.
Term
INTELLECTUAL PROPERTY!
Definition
bIIIIIIIIIItch!
Term
The right to make laws about patents, copyrights, and trademarks was originally set out in. . .
Definition
. . . the U.S. constitution.
Term
Currently in the U.S. a patent lasts for. . .
Definition
. . . 20 years.
Term
Currently in the U.S. a copyright lasts for. . .
Definition
. . . the life of the author plus 70 years.
Term
The original purpose of establishing patents, copyrights, and trademarks was to. . .
Definition
. . .promote the progress of science and the useful arts.
Term
T/F: To have my original work be copyrighted I have to register it with the U.S. Copyright Office.
Definition

False:

1)  Copyright attaches to the work the moment it's created.

2)  You don't have to apply to have your work covered by copyright.

3)  You don't have to put that little symbol © on a work to have it be copyrighted.

4)  BUT… If you're creating a work while operating in the capacity of an employee, then your employer may own the copyright.

Term
T/F: Under current trademark laws, symbols that are trademarked in France are also trademarked in the U.S.
Definition

False:

Patents issued in the U.S. may apply only in the U.S.

Term
T/F: To receive a patent, a machine or process must demonstrate usefulness.
Definition
True
Term
T/F: To receive a patent, a machine or process must demonstrate novelty.
Definition
True
Term
T/F: To get a patent, a machine or process must be non-obvious.
Definition
True
Term
George Harrison (of Beatles fame) once had to pay a legal settlement of over a half-million dollars for
stealing a song. This was violation of. . .
Definition
. . . copyright laws.
Term
T/F: Einstein got rich by patenting his equation that specified the relationship between mass and energy.
Definition

False:

Ideas by themselves are not patentable.  You must have an invention, not just the idea for one in order to get a patent.

E = mc2 is not patentable

Term
A reason for registering for a copyright on an original work is that. . .
Definition

. . . it allows you to file a lawsuit against infringement.

 

infringement: The use of a work or a part of a work without permission, or the improper use of another's trademark or a confusingly similar mark that creates the appearance of an affiliation with or actually being the other product or service.

Term
T/F: Original computer code cannot be copyrighted.
Definition
False: Computer code to make a computer perform some task is copyrightable, but what the instructions do is not copyrightable. So a computer program that sorts a list is copyrightable, but you can write a new copyrightable program to sort a list so long as it uses different code.
Term
In the Viacom lawsuit against Google (YouTube), Google and the Electronic Frontier Foundation claim that Google is innocent of copyright infringement because. . .
Definition

. . . of the safe harbor provision of the Digital Millenium Copyright Act (DMCA).

 

:If a service provider qualifies for the safe harbor exemption, only the individual infringing customer are liable for monetary damages; the service provider's network through which they engaged in the alleged activities is not liable.

Term
Kevin Kelly, in "Scan This Book," says that the two most important recent inventions are. . .
Definition
. . . the link and the tag.
Term
It is Kevin Kelly's assertion that with the continual extension by Congress of the term of copyright
protection that. . .
Definition
. . . copyright now just serves to preserve a threatened business model.
Term
A so-called "orphan" work is a . . .
Definition
. . . book with an unknown copyright holder.
Term
T/F: Kevin Kelly (New York Times Magazine) sees current copyright controversies as being between two
business models, one in which copies are plentiful, cheap, and protected, and one in which copies are
free.
Definition
True
Term
In Dan Carnevale's article in The Chronicle of Higher Education, the lawsuit and ultimate settlement was won because. . .
Definition

. . . using a copy machine to make and produce copies of a book is not fair use.

 

Fair Use: "If the use of the work furthers progress in the sciences and the arts (i.e., if it promotes learning, knowledge, and the public good) and if its use will do relatively little harm to the aurthor's property rights, then it is not necessary to get the author's permission to use the work."

Term
Major League Baseball told a fastasy baseball league creator, CBC, to either pay them royalties or quit
using players names and statistics. One ground for the MLB claim is that players' names and stats are. . .
Definition
. . . copyrightable.
Term
T/F: "Parody of a copyrighted song or video is currently illegal under the doctrine of fair use in the U.S.?"
Definition

False: ...

 

You need to weigh four factors, and judge whether the use is fair:
1)  Purpose and character of the use – use for teaching in a non-profit institution weighs in favor of fair use.
2)  Nature of the work – If the work is published, fact based, or out of print, that weighs in favor of fair use.
3)  Amount used – using small portions weighs in favor of fair use.
4)  Market effect – Use is more likely to be fair if there's no effect on the market value of the work being used.

Term
MARKETS IN BODY PARTS AND TRANSFATS!
Definition
YA ONION BRAIN!
Term
A good basis for government interference in the restaurant meal market is that the market fails due to. . .
Definition
. . . imperfect information.
Term
The largest city to ban transfats in restaurants is. . .
Definition
. . . New York.
Term
T/F: John Tierny is correct in his assertation that transfats and saturated fats are equally unhealthy.
Definition

False: ...

 

While saturated fats raise both types of blood cholesterol—the bad LDL and good HDL—trans fats raise the bad and lower the good. A double whammy to your heart. They also make blood platelets stickier and more likely to form clots.

Term
T/F: Except for some trace amounts found in some meats, transfats do not occur in nature.
Definition
True
Term
Scientific studies have shown that transfats. . .
Definition
. . . increase bad cholesterol, and lower good cholesterol.
Term
T/F: KFC has stopped using transfats in its restaurants.
Definition
True
Term
T/F: According to the CSI film clip, organs, tissue, and bone are all treated the same for transplant purposes.
Definition
False: ...
Term
T/F: Under U.S. law, the market in human transplant organs is much more tightly regulated than the markets in bone transplants.
Definition

True

 

It's against the law in the U.S. to sell organs – they must be voluntarily donated under a system of informed consent, and other protocols.


Bone and tissue, on the other hand, can be bought and sold within a system of informed consent, and other protocols involving things like testing tissue samples for disease.

Term
A good basis for government interfering in the markets for human bone and tissue (as opposed to
organs) is. . .
Definition
. . . information problems.
Term
Which of Alistair Cooke's body parts were stolen from his body after his death?
Definition
leg bones
Term
you are .. .
Definition
KILLIN' IT!
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