All societies face a trade-off between efficiency and equality. If the government lowers income taxes on Americans in the top one percent of earners, while decreasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is in equality in the United States. in efficiency and Match each definition to its appropriate concept. Definition When economic benefits are distributed uniformly across society When a society gets the most it can from its scarce resources Equality Efficiency

All societies face a trade-off between efficiency and equality. If the government lowers income taxes on Americans in the top one percent of earners, while decreasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is in equality in the United States. in efficiency and Match each definition to its appropriate concept. Definition When economic benefits are distributed uniformly across society When a society gets the most it can from its scarce resources Equality Efficiency

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...

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It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?
In 2006, the Australian Government incorporated research into corporate social responsibilities to determineif there is a need to include social and environmental responsibilities within the Corporation Act throughamendment procedure. It was decided not to incorporate a particular regulation through legislation, insteadrely upon the 'market forces' to encourage companies to do the 'right thing'. This viewpoint was expressedthat if companies did not look after the environment or did not act in a socially responsible manner, peoplewould not want to consume the organisations' products. From the equity market perspective, potentialinvestors would not want to invest in the organisations, and further workers wouldn't want to work for them,and so forth. Because companies were aware of such market forces, they would do the 'right thing' even inthe absence of legislation.Requirement:1) Using theories such as Public Interest Theory, Capture Theory and Economic Interest Group Theoryto critically…
Which of the following examples explains how the United States is a Mixed Economy? O A. Most corporations are run by executive agencies and prices are set by Congress. B While most economic decisions are made by market forces, our government has some aspects of government control, such as minimum wage and free education C. There is absolutely no government interference in the economy in the US. D. Although our government controls most of the factors of production and usually answers the 3 economic questions, there is some individual economic freedom such as the ability to choose your own job MP3 US 9: hp esc 个 -> ! 23 2$ & ( ) 1 2 3. 4 5 7 8. 9-
Suppose the government started a program that gave every citizen an equal access to healthcare and education. Under the program each citizen, young and elderly, would get $10,000 voucher for health care and $10,000 voucher for education. Is this equality in social resources an optimal allocation for you? If you could trade your healthcare voucher to the elderly in exchange for their education voucher, would you? What principle of economics does this scenario demonstrate? A.) Yes No The elderly would never agree to the trade B.) No Yes Trade can make everyone better off C.) Yes No There is a tradeoff between efficiency and equity D.) Yes No People think at the margin
Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?
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The federal government decides to require that automobile manufacturers install new anti-pollution equipmentthat costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car buyers? Underwhat conditions can carmakers pass very little of this cost along to car buyers?
In Mcdonald v. Chicago Justice John Paul Stevens made an argument against applying all Bill of Rights provisions to the states. He stated, “When a federal court insists that state and local authorities follow its dictates on a matter not critical to personal liberty or procedural justice, the latter may be prevented from engaging in the kind of beneficent ‘experimentation in things social and economic’ that ultimately redounds to the benefit of all Americans.” How would you respond to Stevens’ quote?
READ CAREFULLY You are to pick two out of the seven political philosophers we have discussed in class, and explain regarding one of them why you most favor how this philosopher has laid out his way of seeing the world, and how he explained how best to organize society and government. Then regarding the second political philosopher, explain why you most disfavor how this philosopher has laid out his way of seeing the world, and how he explained how best to organize society and government. Consider how they both viewed human nature and the equal/unequal nature of humans, and how that helps explain their world view. The length of your response for each philosopher should be 1-2 pages, double spaced with one inch margin all around. If you quote someone, be sure to reference the quote, and everything else should be written in your own words. Here is the list of political philosophers we have discussed in class: Plato, Aristotle, Machiavelli, Hobbes, Locke, Marx and Nietzsche I
What is one necessary role of government in a market economy? ○ to tax goods and services that are most desired by consumers O to maintain subsidized housing for low-income households O to provide services such as pensions to enforce property rights
1. Pareto Optimality: В A X2 X, M Private Goods and Services per Year 1.1 From the Production Possibility Curve (PPC) above, explain why any point on PPC, such as points A and B, is “Pareto Efficiency". Briefly explain the concept and its implication. 1.2 Bangkok is about to have a new governor as the election for the governorship of Bangkok will be held on 22 May 2022. The city of Bangkok is locally governed by the Bangkok Metropolitan Administration (BMA), which is also considered a local government of Thailand. People always have different opinions about the proper level of public expenditure. state your own perspective regarding current scale of public sector in Bangkok. Should Bangkok increase or decrease the current budget? Why? Use the PPC below to incorporate in your explanation and reasoning, in order to describe the direction of reallocation you preferred. Provide example projects/measures/policy you would like to see its budget rise (or cut). Government Goods and Services…