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What is so bad about extreme inequality? Provide one (1) answer, as suggested in Todaro.
Step by step
Solved in 2 steps
- Exemplify an example of social inequality on each category. Education Healthcare Sector occupationHow has assortative mating contributed to growing inequality? Taxes redistribute income from the poor to the rich O People marry someone similar to them, creating some households with many resources and others with few O Groups with political clout convince the government to implement exclusive institutions O New technologies like the internet create opportunities for the people with skills to use themCurrently, in the United States, poverty rates are comparatively low Group of answer choices for the elderly for the well-educated for whites and for all those in the other answers for the male-headed households
- Consider a Maldives island with ten inhabitants. Answer the questions below. a) Plot the Lorenz curve for the income distribution: (2,2,4,6,8,20,30,40,60,100) (2,2,4,6,8,20,30,40,60,100) Consider an income redistribution that takes 20% of income from each of the three richest individuals and distribute equally to individuals that have an income below the poverty line (9). Plot the Lorenz curve again to demonstrate that inequality has decreased. What happened to the coefficient of variation between the two periods? What can you conclude about the change in inequality between periods from this? b) Show on the same diagram the Lorenz curve for the income distribution: (8,18,20,22,26,28,30,32,40,48)(8,18,20,22,26,28,30,32,40,48) Compare and comment this new Lorenz curve with the Lorenz curves in part (a). Then, show that the three social welfare functions, W=∑MhW=∑Mh, W={MinWh}W={MinWh}, and W={MaxWh}W={MaxWh} rank the income distributions in parts (a) and (b) differently. c) Calculate the…Which of the following is not an example of some of the government policies that, intentionally or unintentionally, have led to higher inequality? Tax cuts on the wealthiest groups O Reduction in welfare expenditures O Rapid technological change O Government policies less supportive of unions O Decrease in the real federal minimum wageAccording to the analysis and data presented in class, the following are facts and possible reasons for economic inequality in USA within the last few decades, EXCEPT: Question 5 options: The USA has experiences within the last decades continuous increase in Economic Inequality, with special oncentration at the very top 1%. Part of this inequality is is the increasing wage gaps between the skilled vs low skilled workers. High skilled workers are earning more in relative terms in part due to an increase in demand for high skilled labor. Salaries for average wage earners have increased in proportion to their real productivity.
- GDP per capita does not account for distribution; consequently, economic growth may actually reduce inequality equalitySuppose the teacher for your course, "Principles of Economics" is a libertarian and adheres strictly by its principles in running your economics class. What policies would you expect your teacher to institute? Policies a Libertarian Would Enforce Policies a Libertarian Would Not Enforce The teacher, seeing grade inequality, decides to give points from the best student's test to the worst's students test. The teacher decides to give everyone in the class an A. The teacher punishing a student for cheating on her income equality and poverty homework assignment. Grade the class on a curve to ensure even grade distribution. When proctoring a test, your teacher requires all students to be given the test face down and all turn over your tests at the same time so that no one has a time advantage.The theory of distributive justice that I found to be the most convincing was the Utilitarianism theory. In current times there is a large amount of economic inequality. It states in the textbook, "The top 0.1 percent of American families owns 22 percent of the nation’s wealth–exactly the same share as the bottom 90 percent" (Shaw, 2017, p. 85). The Utilitarianism theory believes that there should be a greater equality of income. They believe that if there was a more equal distribution of income, then the happiness of that population would vastly increase. The textbook mentions that countries that have a more equal distribution of income tend to have lower rates of infant mortality, life expectancy, malnutrition, obesity, teenage pregnancy, economic insecurity, personal anxiety, and other measures, in comparison to countries that have a larger income inequality, such as the United States (Shaw, 2017, p. 92). It is even believed that income equality can promote economic growth (Shaw,…
- Consider the optimizing behavior of people from Chapter 6. Why is early childhood intervention so effective at reducing poverty? The article addresses this in the chapter that starts with "Studies of the dynamics of human skill formation..." Chapter 6 Production, Cost, and Market Models Survey of Economics v2.0 Libby Rittenberg and Timothy TregarthenNeed instant.absuletly upvote.1. Define the concept of absolute poverty and Identify FOUR (4) measures undertaken by the government to eradicate rural poverty.
