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Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 7PA

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Ken Calvert won the District 41 chair as congressman in 2022. What key points do incumbents need to focus on to have a successfull campaign in 2024. Are there key issues / votes cast by the incumbent that will impact this race in 2024? What is the likely national environment and what impact will that have on your race? What is likely to be the incumbent’s status? Is the primary for one or both party nominations like to be contested?
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What is an externality?
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What is the free rider problem?
Table 15.9 shows the share of income going to each quintile of the income distribution for the United Kingdom in 1979 and 1991. Use this data to calculate what the points on a Lorenz curve would be, and sketch the Lorenz curve. How did inequality in the United Kingdom shift over this time period? How can you see the patterns in the quintiles in the Lorenz curves?
Explain why voluntary Martians improve social welfare.
Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage labor market, explain how information technology can increase income inequality if it is a complement to high-income workers like salespeople and managers, but a substitute for low-come workers like file clerks and telephone receptionists.
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