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- 1. Social Security Checks on the Rise. The US government announced on October 14, 2020 that Social Security checks for all US seniors will rise by 5.8% in 2022, the largest increase since 2008. This cost of living adjustment (COLA) is based on the Consumer Price Index measure of inflation in 2021. a). Show with a graph and a model how, the full 5.8% increase will actually make a representative senior better off in 2022 as compared to 2021. 2. If lifespan projections are roughly correct, it is expected that our 52 million current seniors over age 65 is expected to rise by 60% over the next 25 years to about 80 million seniors. Medicaid, Medicare and Social Security are currently 12% of GDP, but expected to rise to 17% of GDP by year 2044. b). Could this enormous increase in spending on seniors have an effect on either US market efficiency or productivity in as we move toward the year 2044?International data show a positive correlation between income per person and the health of the population. Explain how higher income might cause better health outcomes. Explain how better health outcomes might cause higher income.Please no written by hand solution Assume a society consists of two economic? groups: one group is rich and the other group is poor. Suppose that 50 percent of the population is rich while the other 50 percent of the population is poor. Consider two scenarios. Scenario? A: The rich have ?$60000 ?each, while the poor have ?$2000 each. Scenario? B: The rich have ?$7500 ?each, while the poor have ?$750 each. If you only care about average income and not about? equity, you would prefer ? a or b ?, which has an average income of ?$ ________. ?(Enter your response to the nearest dollar?.) Now suppose that you only care about equity or inequality. In this? case, you would prefer ? Scenario B or Scenario A ?, which has a? rich-to-poor ratio of ________. ?(Round your response to one decimal place?.) ?Finally, suppose you only care about living standards. In this? case, you would prefer ? Scenario B or Scenario A because it has lower poverty.
- Suppose that the returns to education are 13.4% per year for the first four years of schooling (grades 1–4), 10.1% per year for the next four years (grades 5–8), and 6.8% per year for education beyond eight years. In a certain country, everyone in the labor force in the year 2000 had 12 years of education. In 1950 everyone in the labor force had 4 years of education. What was the average annual growth in income per worker that was due to the increase in education?Problem 4 Assume that total output is determined by the formula: Total Output = Number of Workers x Productivity (a) If the workforce is growing by 1 percent a year but productivity doesn’t improve, how fast can output increase? (b) If productivity increases by 3 percent and the number of workers increases by 1 percent a year, how fast will output grow? Problem 5 According to the News Wire “Inequality,” what is the average per capita income in nations where the highest-income decile gets (a) over 45 percent of total income? (b) less than 30 percent of total income?A study on the perception of the urban poor on the housing program of the government. What is the value of the research? Explain. Who are the beneficiaries? Why do you think so? A survey on the presidential preference of the basic sectors (farmers, fisher folks, indigenous people, laborer, and urban poor) in the 2016 election. What is the value of the research? Explain. Who are the beneficiaries? Why do you think so?
- How do federal agencies typically value lives saved by health, safety, and environmental regulations? A. Agencies consider medical expenses, pain and suffering, lost wages, and funeral and burial expenses B. Agencies ask individuals how much they would pay to avoid dying and average the results for the population C. Agencies use labor-market data to determine how much individuals are willing to pay to avoid (or, willing to accept to face) small fatality risks and use this information to generate a value of statistical life D. (A), (B), and (C) E. (B) and (C)TRUE OR FALSE: 1. Increases in income oftentimes don’t lead to substantial increases of investment in health and children’s education. 2. Women empowerment is a social factor of population wherein women receive education which positively influences the fertility rates.a) If a nation in which the volume of goods and services is growing by 5 percent per year and its if the population is growing more than 5 percent a year, the increase per capita will be more than 5 percent. True False b) Individuals have two choices with their income: they can spend it or save it. True False
- 1. The Gini coefficient gives a measure regarding ___________. a. the level of relative inequality b. the level of poverty c. the rate of growth d. disguised unemployment 2. Among the given choices, which of these is not a negative consequence of population growth? a. Poor health care system b. Low level of education c. Poverty and inequality d. None of the aboveThe market research department at a manufacturing plant determines that 30% of the people who purchase the plant's product during any month will not purchase it the next month. On the other hand, 40% of the people who do not purchase the product during any month will purchase it the next month. In a population of 1000 people, 200 people purchased the product this month. How many will purchase the product next month and in 2 months? (a) next month___?___ people (b) in 2 months __?___ peopleTell One Positive and normative statement about universal basic income in Canada in any article.