Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 16, Problem 11CQ
To determine
Explain the economist view on per person income.
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Economics: Private and Public Choice
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- It's a positive or normative statement? explain?arrow_forwardFrom the economist’s point of view the term needs is objectively indefinable." Your instructor disagrees. The fact that we talk about poverty and unemployment rates in economics would contradict Miller's statement. Food, shelter and clothing are considered basic needs. But what is needed to live in Southeastern Michigan in the 21st Century? For example, would you consider a car to be a necessity?arrow_forwardIs Income determined by the Scarcity of Your Contribution, and Not the Value of Human Worth?arrow_forward
- Define economics in terms of wealtharrow_forwardWhat determines growth in (post-Kaleckian) models? What are the effects of inequalities in functional income distribution and gender on the economy? Discuss both the demand and supply side effects.arrow_forwardAccording to World Bank (2012), in Ethiopia, the poorest 20 percent of population received 9.3 percent of income or consumption and the richest 20 percent of population received 39.4 percent of income or consumption; in South Africa, the poorest 20 percent of population received 2.7 percent of income or consumption and the richest 20 percent of population received 68.2 percent of income or consumption. What conclusion can we reach based on the above statistics?arrow_forward
- Why did classical liberals argue against creating a welfare state?arrow_forwardIncreases in GNP per capita are often interpreted as increases in welfare. What are some problems with this interpretation? What do you think is the biggest problem with it, and why?arrow_forwardA service-based economy is less likely to be a source of prosperity than a goods-based economy. true or false?arrow_forward
- If a country decides to have a UBI (Universal Basic Income) policy, what are some ways using which the government can generate money and resources to pay for UBI?arrow_forwardQ#2 Given the nation income model Y = C + Io + Go + X0 − ZC = Co + bYdYd = Y − T0Z = Z0 + zYExplain the equilibrium level of income and consumptionExplain the economic meanings of b and z.List the endogenous and exogenous variables of the model?arrow_forwardThe ways in which people choose to spend their time can provide important information to economists and other social scientists who study human behaviour. In particular, differences in how people use their time are often indicative of inequalities in important economic outcomes. Read the two articles below: How do people across the world spend their time and what does this tell us about living conditions? POST 1: Why is it important to understand differences in time use across different population groups? This post will be assessed as an original contribution. [100-150 words]arrow_forward
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