Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 18, Problem 4.1P
To determine
Identify the role of income inequality in an economy.
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Why inequality still exist? Discuss your answer.
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Principles of Economics (12th Edition)
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- How much age affects inequality? Is there something the government can do about younger and older people's incomes?arrow_forwardFor the last ten years, how the Philippine government is executing policies to reduce poverty and income inequality for the last decade? Expand your answer.arrow_forwardAlthough it is hard to separate the causes of poverty from the effects, there is no doubt that poverty is associated with various economic and social ills. Suppose that you were a policymaker in the government and your goal was to reduce the number of people living in poverty. How would you achieve this goal?arrow_forward
- "How can Income Inequality in the United States be Reduced?"arrow_forwardWhat do you think about the income trap - is it a myth or reality? How does the middle-income trap affect the equality and poverty of citizens? What can be done to avoid or escape from the trap? Answer correctly and explain within 40 mins will give you positive feedback.arrow_forwardWrite your ideason what should be done to halt the inequality among people experienced in each category. Education health occupationarrow_forward
- How does education affect income inequality?arrow_forwardHow Should the US Reduce Economic Inequality? The rich are getting richer. And the super rich are getting super richer. We know some of the names: Warren Buffett, Bill Gates, Mark Zuckerburg, the Walton family (of Wal-Mart). This billionaire club is growing fast. In 2007, there were 946 billionaires in the world. By 2016, that number doubled to 1,810. Of these, 540 were Americans. A 2015 OxFam report warned that the combined wealth of the world's the widening gap is benefitting the top 1 percent. The top 0.1 percent is doing even better. As just one example, CEOS have seen the real value of their salaries increase more than 1,000 percent since the 1950s. Meanwhile, the average worker has seen the real value of his or her income decrease over the last three decades. EV richest 1 percent would soon surpass the com- bined wealth of the other 99 percent of people on the planet. Wealth inequality is an increasingly serious problem in the United States, a nation known as the land of opportu-…arrow_forwardWhat does government now do, and what could and should government do, to reduce economic inequality? Discuss the impact of government on economic inequality and how it has changed over time. What are your top three suggestions for specific programs or policies which governments could adopt to change the level and trend of inequality? Why?arrow_forward
- What are the pros and cons of a universal basic income (UBI) as an approach to fighting poverty? Where has UBI worked, and where do you think it has not? Have measures taken to deal with coronavirus changed perceptions of UBI?arrow_forwardIf a country had perfect income equality what would the Lorenz curve look like?arrow_forwardWhat happens to poverty and inequality if income rises for both low-income and high-income workers, but it rises less for the high-income workers?arrow_forward
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