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 28, Problem 15CQ
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23. Arnold, Betty, Christine, Donald, and Elena receive incomes of $0, $400, $200, $100, and $300. Starting with the top 20% of the population, write in the correct income share in percentages. Then in a line below it, write in the income share for the second 20%. In another line write in the income share for the middle 20%, then on another line, the income share for the fourth 20%, and finally the income share for the bottom 20%. Please state your answers in percentages for full credit. You do not have to show your calculation.
population share income share
top 20% ______________
2nd 20% ______________
mid 20% _____________
4th 20% _____________
bottom 20% _____________
24. Based on your answers in question #23, fill in the cumulative income distribution table using percentages. Please start with…
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Economics: Private and Public Choice
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- Income inequalities exist in the U.S. What are some policy tools the government could use to try and equalize incomes between wealthier households and poorer households? Describe two policies. Have these policies been successful in the past? Why or why not ?arrow_forwardHow comprehensive income is measured according to Haig Simon's definition?arrow_forwardA group of 10 people have the following annual incomes: $24, 000, $18, 000, $50, 000, $100, 000, $12, 000, $36, 000, $80, 000, $10, 000, $24, 000, $16, 000. Calculate the share of total income that each quintile receives from this income distribution. What percent of the total income is represented by the highest quintile? Round your answer to the nearest tenth. Provide your answer below:arrow_forward
- When welfare payments like housing credits are completely cut off when the recipient's income goes above a certain threshold, then this could discourage the recipient from finding more work or a better-paying job. True or False True Falsearrow_forwardBefore-tax incomes are a better measure of income as compared to after-tax incomes. True or false?arrow_forwardShould the government be involved to create more equality in income disparitiesarrow_forward
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- The following questions list 10 cases of two distributions of income, in each of states "A" and "B." (You can think of A and B as with and without some policy change.) In each case there are three people only (in last three cases four people), and their incomes are the numbers given. So in the first question, the first person in state A has an income of $1 (think of this as $1 per hour, or day), while the second person has $2, and the third has $3. In state B the same three people have incomes of $2, $4 and $6 respectively. There are no other differences between states A and B, and no other differences between people besides their incomes as indicated. Your task is simple and it should not take more than a few minutes. Tell me which state (if either) in each question has higher "inequality." You should assume that everything else is identical between the two states; all that differs is the incomes of the people. This is entirely your judgment, given how you interpret the concept of…arrow_forwardTheoretically and graphically explain the effect of Benazir income support program on the welfare of the consumers.arrow_forwardif any formulas are used please show themarrow_forward
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