Mark Zuckerberg of Facebook and Elon Musk of Space X have taken risks to build to their businesses and been successful at it. The fundamental premise for their success mostly hinges on the ownership of private property and free market forces. For billionaires like them who have made their wealth mostly based on their own effort and perseverance, would it be fair to impose high income tax on them to redistribute their wealth to help the poor?

Q: When welfare payments like housing credits are completely cut off when the recipient's income goes…

A: The poverty trap is a socio-economic phenomenon in which individuals or families become trapped in a…

Q: Discuss how policy variables, government spending and taxation, are used to influence economic…

A: A policy through which the government tends to adjusts its levels of spending and tax rates for…

Q: Under the most recent tax reform act, Congress doubled the exemption for the estate tax while…

A: There are many different sides to the estate tax debate, including social, administrative, and…

Q: What consumption differences might you expect to observe between families characterized as…

A: Socio-economic status plays an important role in what we can afford. Unprivileged individuals…

Q: Assume that you want to decide whether Country A or Country B to live. You have only information…

A: The statistical measure of income inequality is expressed through Gini coefficient. The value lies…

Q: Is it just to tax the rich to give to the poor? Should the government tax Bill Gates and other…

A: The "Robinhooh effect" is when a certain redistribution of wealth and welfare happens from the rich…

Q: Explain how a country might measure inequalities in their society.

A: Inequality refers to the state of not being equal in terms of status, rights, resources and…

Q: What is the state of distribution of wealth globally and in the US?

A: The term "wealth distribution" refers to a comparison of the wealth of various individuals or groups…

Q: The following diagram shows the Lorenz curves for the factor (the market) income and the disposable…

A: The Lorenz curve is a graphical representation of income or wealth distribution within a population.…

Q: How to redistribute income to reduce poverty, without causing loss of economic incentives.

A: Answer: Redistribution of income to reduce poverty can be achieved through the following ways:…

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: outcomes opportunity eserved or earned

A: As per answering guidelines, answering the first question.

Q: Would this transfer increase, decrease, or have no effect on income inequality in this group?…

A: Income inequality: It refers to a condition where income is divided unequally between the…

Q: 34) Foreign exchange reserves are A) Held illegally by many countries. B) Holdings of foreign…

A: Foreign exchange reserves, frequently alluded to just as forex reserves or FX reserves, are assets…

Q: In what ways does the united States government safety net fail for low-income people?

A: The social safety net, or America's complex system of public benefits and supports, has proved to be…

Q: Many economists believe that a more effective way to supplement the income of the poor is through a…

A: A person or firm is required by law to pay taxes to the government based on their income or…

Q: [Make sure your answer is structured as a short essay, i.e., with short introduction (3-4…

A: Economic growth is the gradual rise in a country's output and consumption of products and services.…

Q: Consider the overlapping generations model and assume that each person has a y₁ endowment of goods…

A: Young - Endowment when young = y1 Taxes when old = t1  Increase in taxes = t* Old - Endowment = y2…

Q: Consider an economy with two types of workers - less productive and more productive. Explain why…

A: Productivity-It refers to how much output can be produced with a given set of inputs. It increases…

Q: Would this transfer increase, decrease, or have no effect on income inequality in this group?…

A: Income: It refers to the money which people earn. The income is used by people to purchase things in…

Q: What is the mean, median, and 90/10 income ratio of this group of college seniors? (hint: rank…

A: The mean of a sample is the sample average. It is calculated by dividing the total value by the…

Q: Suppose the economy has only two factors of production, human capital (owned only by native-born…

A: Factors of production: It is the variables of creation or production, assets, or inputs sources are…

Q: What is the advantage of capital gains treatment of income compared to expensing?

A: Capital Gains Income: One of the most sought-after investments is a residential property. The major…

Q: Policy Perspectives Refer to the table to answer one question. Income Transfers: The market…

A: a) Under Medicare program the value of transfer is $620 billion or 620,000 million. The average…

Q: For Question 7 please refer to the chart below of the Lorenz Curve for Paraguay and Germany for…

A: This can be described as a concept that shows the graphical representation of the level of equality…

Q: Susan is a single mother with three children. She can earn $8 per hour and works up to 2,000 hours…

A: The table is divided into three columns, with the first column listing Susan's annual work hours,…

Q: Income inequalities exist in the U.S. What are some policy tools the government could use to try and…

A: Inequality refers to the disparities in the incomes of people living in an economy. One of the…