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- Suppose there is an economy where 80 percent ofpeople earn more than their parents and 40 percentend up in a different income quintile than theirparents. What measure of the income distributiondoes the first statistic tell you about? What aboutthe second?The top 1 percent of American households hold nearly 40percent of the total wealth. T or F?A significantly larger proportion of higher social class children attend college than lower-class children. This islargely due to differences in ability among social classes. T or F?
- What is a "quintile"? Provide and explain one example of how this concept is used in the discussion of income distribution.Since the replacement of AFDC with TANF the welfare rolls have grown in the United States. O True False Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.In season three of the TV show “The West Wing,”the federal government considers redefining thenational poverty measure in a way that wouldclassify an additional 4 million people as poor.The president worries that his administration willbe criticized for leading the country into greaterpoverty. Explain whether this change would havereflected a shift in an absolute measure of poverty,a relative measure of poverty, or whether it cannot be known. Finally, explain why all else equal,the president is not responsible for causing greaterpoverty
- Suppose that the United States has a Gini ratio of 0.41 while Sweden has a Gini ratio of 0.31. Which country has a more equal distribution of income? a. The United States. b. Sweden. c. They are actually equalPls help with below homework-) Is it true that universal guarantedd basic income is the best solution for poeverty and income ineqality ? Please explain in details.A group 0f 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. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?
- Here is one hypothesis: A well-funded social safety net can increase economic equality but will reduce economic output. Explain why this might be so, and sketch a production possibility curve that shows this tradeoff.Suppose there are two possible income distributionsin a society of ten people. In the first distribution,nine people have incomes of $60,000 and one personhas an income of $20,000. In the second distribution,all ten people have incomes of $50,000.a. If the society had the first income distribution,what would be the utilitarian argument forredistributing income?b. Which income distribution would Rawls considermore equitable? Explain.c. Which income distribution would Nozick considermore equitable? Explain.Suppose 3 million high school graduates start college each year. Those who earn a college degree will do so in four years. However, some students will drop out along the way. The first-year attrition rate is 20 percent, while the second- and third-year attrition rates are 10 and 2.5 percent respectively. a. What is the distribution of college students by year in college? How many students graduate from college each year?b. Believing that education is the key to the future, a presidential candidate proposes that the federal government pay the first $3,000 of college expenses each year for everyone attending a four-year college. It is expected that this proposal will encourage 1 million more high school graduates to enroll in a four-year college each year. Of these 1 million new college students, the first-, second-, and third-year attrition rates are 40, 20, and 5 percent. Why is it likely that attrition rates will be higher among these groups of students? c. What is the yearly…
