For each of the following policy changes, explain why the change is or is not likely to be a Pareto improvement. 1)Replacing the system of agricultural price supports with a system of income supplements for poor families. 2)increasing social security benefits, financed by an increase in the payroll tax.

Economics: Private and Public Choice (MindTap Course List)
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ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter1: The Economic Approach
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For each of the following policy changes, explain why the change is or is not likely to be a Pareto improvement.
1)Replacing the system of agricultural price supports with a system of income supplements for poor families.
2)increasing social security benefits, financed by an increase in the payroll tax.

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