Posted: March 1st, 2023

Devry ECO450 Week 6 Quiz

ECO 450 Week 6 QuizQuestion 12 out of 2 pointsThe Social Security retirement system:Question 2A retiree subject to the earnings test under Social Security:Question 3A 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 4Unless 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 52 out of 2 pointsWhich of the following can decrease tax rates necessary to pay pensions for a pay-as-you-go pension system?Question 62 out of 2 pointsA nation has 40 million current retirees and a work force of 100 million. Which of the following is true?Question 72 out of 2 pointsThe gross replacement rate:Question 8A pay-as-you-go social security retirement system is:Question 92 out of 2 pointsSocial Security tax rates can be reduced if:Question 102 out of 2 pointsThe asset-substitution effect of the Social Security retirement system leads all workers to:Question 112 out of 2 pointsWhich of the following is a consequence of a growing federal budget deficit in the United States?Question 122 out of 2 pointsGiven 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 13The induced-retirement effect of the Social Security pension system induces workers to:Question 14Unemployment insurance benefits are:Question 15The Social Security Act was implemented in the United States in:Question 16Which of the following is an example of the “moral hazard of health insurance”?Question 17Which of the following subsidizes private provision of health insurance?Question 18In the United States, individuals pay approximately what percent of the cost of their medical care directly to providers?Question 19Since 1960, expenditures on health care as a percent of GDP has:Question 20The percent of total health care costs in the United States paid for by governments is approximately:Question 21Which of the following programs accounts for the greatest amount of government expenditures on public health in the United States?Question 22The government program that provides the health insurance to the poor in the United States is called:Question 23Which of the following is true about the Medicaid program in the United States?Question 24Most of the medical bills of Americans in the United States are paid by:Question 25What would be the effect of having no health insurance available?Question 26The elderly are what proportion of beneficiaries of Medicare?Question 27If the quantity of healthcare is more than the efficient quantity, what is the consequence?Question 28Which of the following could help decrease the rate of increase of spending on health care in the United States?Question 29What is the moral hazard associated with third party payment for health services?Question 30The system of third-party payment for medical care in the United States has which of the following effects in the market for health care?

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