Calculate the average benefit a Medicare recipient receives. Instructions: Round your response to the nearest dollar. Calculate the average benefit a recipient of food stamps receives. Instructions: Round your response to the nearest dollar. $ Policy Perspectives Refer to the table to answer one question. Income Transfers: The market mechanism might leave some people with too little income and others with too much. The government uses taxes and transfers to redistribute income more fairly. Program Recipient Group Number of Recipients Value of Transfers Social Security Retired and disabled 67 million $1,002 billion workers Medicare Individuals over age 65 59 million $620 billion Medicaid Medically needy 75 million $400 billion individuals Unemployment compensation Unemployed workers 6 million $30 billion Food stamps Low-income 42 million households $63 billion Eamed Income Tax Credit Low-wage workers 30 million $70 billion Temporary Aid to Needy Families Poor families 3 million $17 billion
Calculate the average benefit a Medicare recipient receives. Instructions: Round your response to the nearest dollar. Calculate the average benefit a recipient of food stamps receives. Instructions: Round your response to the nearest dollar. $ Policy Perspectives Refer to the table to answer one question. Income Transfers: The market mechanism might leave some people with too little income and others with too much. The government uses taxes and transfers to redistribute income more fairly. Program Recipient Group Number of Recipients Value of Transfers Social Security Retired and disabled 67 million $1,002 billion workers Medicare Individuals over age 65 59 million $620 billion Medicaid Medically needy 75 million $400 billion individuals Unemployment compensation Unemployed workers 6 million $30 billion Food stamps Low-income 42 million households $63 billion Eamed Income Tax Credit Low-wage workers 30 million $70 billion Temporary Aid to Needy Families Poor families 3 million $17 billion
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Calculate the average benefit a Medicare recipient receives.
Instructions: Round your response to the nearest dollar.
Calculate the average benefit a recipient of food stamps receives.
Instructions: Round your response to the nearest dollar.
$
Transcribed Image Text:Policy Perspectives Refer to the table to answer one question.
Income Transfers: The market mechanism might leave some people with too little income and others with too much. The government
uses taxes and transfers to redistribute income more fairly.
Program
Recipient Group
Number of
Recipients
Value of
Transfers
Social Security
Retired and disabled
67 million
$1,002 billion
workers
Medicare
Individuals over age 65
59 million
$620 billion
Medicaid
Medically needy
75 million
$400 billion
individuals
Unemployment
compensation
Unemployed workers
6 million
$30 billion
Food stamps
Low-income
42 million
households
$63 billion
Eamed Income
Tax Credit
Low-wage workers
30 million
$70 billion
Temporary Aid to
Needy Families
Poor families
3 million
$17 billion
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