You can get just as good of a programmer for $2/hour as you can for $200/hour.
I don't believe so. I have experiences of working with team, playing role as project coordinator. I had to deal with wide variety of people. People working with cheap price are usually the programmers who are very new in the space or it's not easy to work with them.
Price is something what we are getting in exchange. Cheap price = Cheap quality. I have been observing the article writers offering their service here with such a cheap price which I would never allow, even though I had no job at all.
It can go either way. In my experience, there are a number of quality programmers who are willing to work for less than $20/hour. On the other hand, I had very bad experiences with developers who, to put it mildly, overestimated their abilities. One character tried to charge me over $800 for a plain WP with a Divi theme without any modification. Price is not always the right indicator.