At least at lower grades, schooling is O an investment in human capital. O a consumption good. O a natural resource. a waste of valuable resources.
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- Which set of policies is more likely to cause a tradeoff between economic output and equality: policies of redistribution policies aimed at the ladder of opportunity? Explain how the production possibility frontier tradeoff between economic equality and output might look in each case.This chapter discusses the importance of economicmobility.a. What policies might the government pursue toincrease economic mobility within a generation?b. What policies might the government pursue toincrease economic mobility across generations?c. Do you think we should reduce spending oncurrent welfare programs to increase spending onprograms that enhance economic mobility? Whatare some of the advantages and disadvantages ofdoing so?When recording devices were first invented morethan 100 years ago, musicians could suddenly supplytheir music to large audiences at low cost. How doyou suppose this development affected the income ofthe best musicians? How do you suppose it affectedthe income of average musicians?
- This question has to do with the minimum wage serving as an anti-poverty program. a. What percentage of a minimum wage increase goes to families below the poverty linenow versus in the 1990s? Why has this changed over the years? Make sure to use exactnumbers in your answer. b. Explain why families below the poverty line receive less than 100% of a minimum wageincrease. c. Jason is employed, earns the federal minimum wage, works 25 hours per week, works 52weeks per year, is single, and has no children. Given these numbers, Jason would bebelow the federal poverty line. Assume the federal minimum wage increases to $15 andJason continues to work 25 hours per week for 52 weeks per year. The large increase inJason’s earnings places him above the poverty line. Describe how it can be true thatJason’s earnings increase significantly, yet his total income (which is income from allsources combined) might be the same as it was before the minimum wage increase.3 Imagine that the wage-schooling locus is given by w(s)=s^(1/3). What will be the optimal level of education for an individual to take if next period’s earnings in any given time are worth 95% of current earnings for that individual? ---- HINT: the answer is s=20/57. I need step by step solutionWhat is poverty and what are three of its harmful environmental and health effects? About whatpercentage of the world’s people struggle to live onthe equivalent of $1.90 a day? About what percentage have to live on $3.10 a day? How are povertyand population growth connected? List three majorhealth problems faced by many of the poor.
- College students sometimes work as summer internsfor private firms or the government. Many of thesepositions pay little or nothing.a. What is the opportunity cost of taking such ajob?b. Explain why students are willing to take thesejobs.c. If you were to compare the earnings later in lifeof workers who had worked as interns and thosewho had taken summer jobs that paid more, whatwould you expect to find?Imagine that the government reworks the welfare policy that was affecting Jonathan in question 1, so that for each dollar someone like Jonathan earns at work, his government benefits diminish by only 30 cents. Reconstruct the table from question 1 to account for this change in policy. Draw Jonathans labor-leisure opportunity sets, both for before this welfare program is enacted and after it is enacted.Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage labor market, explain how information technology can increase income inequality if it is a complement to high-income workers like salespeople and managers, but a substitute for low-come workers like file clerks and telephone receptionists.
- a. Draw the wage-schooling locus for someone for whom the returns to schooling decrease through college but increase after college. (Assume college is completed after 16 years of schooling and that one can receive at most 6 years of postcollege schooling.) b. On a new graph, plot the marginal rate of return to schooling implied by the wage-schooling locus described in part a. c. What can be said about a college graduate who faces the wage-schooling locus described in part a?Describe what benefits may come from a reproductive policysuch as China’s. Now describe several problems that mayresult.Do you think a government should be able to enforcestrict penalties for citizens who fail to abide by such a policy?Why or why not? What alternatives to China’s policy can yousuggest for dealing with the resource demands of a rapidlygrowing population?Need Step by Step answer: How to draft on Excel. Because Income depends on work effort and work effort depends on nutrition, suppose the relationship between income (Y) and total food availability (F) in a poor household is given by: Y = 10F + 20F2 – 0.6F3 a) If food availability in a two-person household is 20, would it be “rational” to share the food? Explain. b) If food availability in a two-person household is 30, would it be “rational” to share the food? Explain.