Look at Figure 3.3 and select the correct answerSelect an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.ab3.2 Which country is more unequal?Homework Unanswered Due Oct 15th, 5:59 PMсCountry A is more unequal than Country BCountry B is more unequal than Country ABoth countries have the same level of inequality Cumulative income shares10.80.60.40.200123Equality Country A - - -Country B4Quintile5Open in

A major socioeconomic problem, income inequality assesses the discrepancy in the distribution of…

Answered: Look at Figure 3.3 and select the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economists experience difficulties in accurately measuring income inequality because of which of the following? Choose one or more: A. The Gini index calculation discriminates against the poor in developed economies. B. Government programs are inefficient and difficult to monitor. C. large, underground economies that lack the reporting of income to the government D. Measurements tend to use "before tax" income, not "after tax" income (disposable income), which is the income people actually have available to purchase goods and services. E. The population size of an economy impacts the distribution of data, causing large economies to show more inequality than smaller economies. F. do-it-yourself production of goods and services (such as growing own food or making own clothing) that are not bought or sold in the market G. in-kind transfers where goods and services are given as aid to the poor instead of cash
How do Economists define Poverty? 1. Economist define the concept of poverty as an economic state where an individual or household level of income is below a level of annual income necessary to provide a minimum or basic standard of living. 2. The poverty rate is directly related to how income is distributed within a society. Per capita income in 2015 and 2016 is estimated at $56,850 and $62,606, respectively. 3. A minimum standard of living refers to the ability of an individual to acquire food, clothing and housing at an adequate level to avoid economic distress. 4. The U.S. government economists evaluate the cost to individuals and households to acquire food, clothing, and housing to maintain a minimum healthy lifestyle. 5. The bench market for the income level necessary to maintain a basic standard of living is based on USDA Research that uses a baseline cost estimate associated with maintaining a healthy diet of 1800 to 2300 calories per day. * YouTube Q [) 5:09 / 5:37 CC Which…
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Click here to watch "How Economic Inequality Harms Societies by Richard WilkinsonLinks to an external site. Summarize the above video in 500+ words. https://www.youtube.com/watch?v=cZ7LzE3u7Bw
Below is a Lorenz Curve for a given country. Suppose its government establishes a 10% income tax on persons earning more than $500,000 per year and uses the proceeds to subsidize secondary education. Show how the tax would affect income inequality by drawing the new Lorenz Curve.
Focus on the Democratic party verus the Republican Party. How does each party view global economic inequality? Cite two in text citations that correspond with a bibliography.
1. Below are cumulative income share data for Colombia and Indonesia in 2019 Population Quintile Cumulative Share of Income (Colombia) Cumulative Share of Income 0 7 (Indonesia) a. Cumulative Share of National Income 80% 70% 60% 50% 40% 30% Graph the Lorenz Curve for Colombia (you can use the grid below, or graph on your own). Label it "Colombia." b. Graph the Lorenz Curve for Indonesia on the same plot. Label it "Indonesia." 100% 90% 20% 10% 0 0 1 0 4 1 2 12 2 18 3 24 33 d. Which country has the larger Gini Coefficient? 4 44 3 5 100 55 100 4 Cumulative Population Quintiles Ranked by Income C. Based on the graph, which country exhibits greater income inequality 5
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18. In most cases, reducing inequality helps society as a whole (at the expense of paying certain costs). Explain why this is why it is better for society if we have less inequality of income and/or wealth.
Document A Source: Adapted from the video "Wealth Inequality in America," 2012; and the Organization for Economic Coop- eration and Development, 2015. Note: In 2011, a Harvard professor surveyed more than 5,000 Americans on how they thought wealth was distributed in the United States and how it should be distributed. The top two bars show the results of the survey by quintile. The bottom bar shows the actual distribution of wealth in the United States. Public Perceptions of Economic Inequality in the US EV Presumed Distribution of Wealth wealthiest fourth 20% middle 20% second 20% 20% Ideal Distribution of Wealth wealthiest poorest 20% fourth 20% middle 20% second 20% 20% poorest 20% Actual Distribution of Wealth wealthiest 20% Note: In 2015, the wealthiest 20 percent of Americans owned 88 percent of the nation's wealth. The second- wealthiest quintile owned 9 percent. The middle quintile owned 3 percent. The bottom two quintiles owned less than 1 percent. fourth 20 middle 20% poorest…
-Suppose Country A and Country B have the followingpopulation and income distributions: Draw a Lorenz Curve for each country. Additionally, comment on which country ismore unequal.
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