Defenders of the existing state of wealth inequality often point out that wealth inequality does not matter, so long as the following type of equality exists:   Equality of Outcome   Equality of Opportunity   Equality before the law (political equality)   Equality after taxes

Q: Outline the economic costs and benefits associated with income inequality.

A: Despite of reducing income inequality holds significant advantages for society as a whole, it…

Q: Should a nation’s income be distributed to its members according to their contributions to the…

A: "Since you have asked multiple questions, we will answer only first question for you. If you have…

Q: Explain the difference between income and wealth and describe the difference between income…

A: *Income** and **wealth** are two distinct concepts in economics that refer to the financial…

Q: Why is income inequality in America so pronounced? Consider education Outsourcing, immigration, and…

A: Population economics investigates the interplay between demographic elements and economic…

Q: Discuss the major changes in the global distribution of income from 1980 to 2014, paying attention…

A: Global distribution of income- refers to the ways in which income is distributed among people over…

Q: The refers to the specific amount of income needed for a basic standard of living. poverty trap…

A: Poverty refers to the situation in which people do not have money to meet their basic needs of…

Q: What is your opinion on the idea that a persons income and wealth in American society today is…

A: The economic performance of the country would be determined by the national income or the output.…

Q: Inter-generational income mobility tells us about: A) the extent to which the tax and transfer…

A: Income mobility refers to the ability of individuals to move up or down the income ladder over time.…

Q: 12. For the last 30 years the Gini index of the United States has been about G = 0.4 (slightly…

A: We have Lorenz function, Lpx=xp Gini index= G = 0.4 We know, the Gini index is equal to double area…

Q: Which of the following is not linked to wage inequality for Latinas and African American women? Rise…

A: Wage inequality describes how wages are distributed unequally across a population.Measures of pay…

Q: 1. In the graph, how much of the US population is represented by each person? What does the stack on…

A: This graph is a representation of the actual distribution of wealth in US. This graph divides the…

Q: What is the difference between income inequality and wealth inequality? Can a household with a high…

A: The economic wealth is the procession of the ability to enjoy the small, ordinary pleasure of life.…

Q: In an economy with perfect income equality the Gini coefficient would be

A: The Gini record, or Gini coefficient, measures pay appropriation across a populace.

Q: Briefly discuss the major causes of income inequality. With respect to income inequality, is there…

A: Income inequality can be referred as the difference or gap between the payment to individuals or…

Q: Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage…

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: The income distribution for a certain country in 1996 was estimated by the function f(x) = 0.66x2…

A: Income distribution defines the two-parameter model for the Lorenz Curve which shows the cumulative…

Q: Equity is not equality but the concept of

A: Equality is the impact of treating each as without distinction; every individual is considered…

Q: Which of the following is the most critical factor contributing to poverty reduction across the…

A: The most critical factor playing a role in poverty reduction across the world is commerce, trading,…

Q: Henry George and William Graham Sumner both wrote in the late nineteenth century about poverty and…

A: Henry George in his book "Progress and poverty" investigates the paradox of increasing inequality…

Q: 5. Make an eyeball estimate of what percent of US wealth is owned by the poorest 20 percent.

A: These bars show the distribution of wealth among Americans. And the distribution of income is from…

Q: Comparison of the share of the total income in a society that different groups receive measures:…

A: The answer is - income inequality.

Q: Suppose a government program guarantees $2,000 a month in income, even for those who do not work at…

A: A poverty trap is a situation in which individuals or households are caught in a cycle of poverty…