Match each definition to its appropriate concept. Definition Equality Efficiency When a society gets the most it can from its scarce resources When economic benefits are distributed uniformly across society All societies face a trade-off between equality and efficiency. If the United States government raises the income taxes on the wealthiest Americans, while increasing welfare payments to the poorest Americans, the result will likely be v in efficiency and ▼ in equality in the United States.

Match each definition to its appropriate concept. Definition Equality Efficiency When a society gets the most it can from its scarce resources When economic benefits are distributed uniformly across society All societies face a trade-off between equality and efficiency. If the United States government raises the income taxes on the wealthiest Americans, while increasing welfare payments to the poorest Americans, the result will likely be v in efficiency and ▼ in equality in the United States.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter17: Income, Poverty, And Health Care

Section: Chapter Questions

Problem 8P

See similar textbooks

Similar questions

Explain whether each of the following governmentactivities is motivated by a concern about equality ora concern about efficiency. In the case of efficiency,discuss the type of market failure involved.a. regulating cable TV pricesb. providing some poor people with vouchers thatcan be used to buy foodc. prohibiting smoking in public places d. breaking up Standard Oil (which once owned90 percent of all U.S. oil refineries) into severalsmaller companiese. imposing higher personal income tax rates onpeople with higher incomesf. enacting laws against driving while intoxicated
1- An example of a poverty trap is a. extended time periods without war b. a lack of mineral wealth c. A corrupt government d. laws and regulations to help detect fiscal fraud 2- Which of the following groups has the highest death rate? a. middle-income economies b. low-income economies c. high-income economies d. All the above economies 3- Models are used to describe cause-and-effect relationships a. True b. False
Give written answer with explanation and conclusion Which of these is a reason why Real GDP per Capita is NOT a good measure of social welfare? Check all that apply. Select one or more: a. Real GDP per capita counts intangible services in the same way that it counts tangible goods b. Real GDP per capita does not account for pollution c. Real GDP per capita does not account for income inequality d. Real GDP per capita does not account for the quality
Discuss each of the following statements from the standpoints of equality and efficiency. a. “Everyone in society should be guaranteed the best healthcare possible.” b. “When workers are laid off, they should be able to collect unemployment benefits until they find a new job.” 11. In what ways is your standard of living different from that of your parents or grandparents when they were your age? Why have these changes occurred?
Examine your data from your “Country Organizer 2021” and your map that is now colored in. What patterns do you see? What if there are no patterns? What if your economic data and your social data do not correlate? That’s okay -- explain why you think they don’t correlate. Then examine if your economic data correlates to the wealth or poverty of a country and why? Or you could talk about how your social data correlates to the wealth or poverty of a country and why. You also need to discuss the exception. a) Write 1-2 paragraphs explaining the correlation. Make it a point to reference your data and country (countries) specifically. b) Write 1-2 paragraphs explaining the exceptions. Make it a point to reference your data and country (countries) specifically. Then use outside sources to confirm / support your assertion. No introduction paragraph is needed. Think about part a) and part b) as two separate sets of paragraphs. If we were physically in the building, i’d have you print…
Despite the recent unprecedented technological advancement and economic growth, inequality of various sorts exists in all the societies across the world. How do you think inequality can be reduced specially in our society? A. Is there a need of reducing inequality in the society? Why or why not? Explain with logical reasoning and historical examples.B. Describe through functionalist perspective how inequality could be reduced effectively in a society
Taxation, Distribution of Income and Resource AllocationFirst, explain how society decides rationally on how much equality it wants relative to income distribution. Next, discuss the policies available to the government to distribute income and the impact such policies may have on the microeconomy. Then, explain how despite economists use of economic analysis to provide suggestions for responding to economic problems (i.e. housing crisis, financial crisis, Recession) the economy still often confronts market’s short-comings that deeply impact consumers and producers. Lastly, using any graph of your choice from the textbook, graphically illustrate your explanation.
Which statements are TRUE? 1. Solving poverty has to be done from macroeconomic and microeconomic levels. 2. Where to Meet Dilemma is the situation where parties know that it is better to cooperate than compete yet they do not know how to do so. 3. The Kuznets Curve is a graphical presentation of the relationship of the Gini coefficient and GNI per capita. 4. The formal sectors is the part of the urban economy that is characterized by small competitive individuals or small firms, petty retail trade and services, labor-intensive methods, free entry and market determined prices. 5. The Comprehensive Agrarian Reform Program is a means of asset distribution. 6. The Social Amelioration Program is a subsidy. 7. Poverty is a cause and effect of other economic problems. 8. Information, communication and coordination between and among government institutions are requisites of successful economic development program implementation. 9. A super-entrepreneur can solve poverty in any nation. 10.…
1) Generally, a high GDP per Capita indicates a developed nation. a) Sometimesb) With exceptionsc) Trued) False 2) With the advent of globalization and the WTO operations, which of this ishappening or have happened? a) Free-Market Analysisb) Public-Choice Theoryc) Chenery Modeld) Neocolonial dependence modele) Market-Friendly Approach
explain what socio-economic theory assumes about people’s behavior. What are some of the social consequences of assuming the universality of socio-economic theory? What explanation for human behavior would make more sense?
a. Suppose that the Scarceland economy is currently in recession, so that there is high level of unemployment. the Privs currently have enough government goods, and the Guvs have enough private goods, but each group has less of its own favored goods than it wants. what point is the economy at?--------- is it possible make both groups better off? How? b. A politician seeks support from both Privs and Guvs by promising to implement policies that will lead the economy to produce the amount of private goods favored by the Privis and government goods favored by the Guvs. what point is the Politician promising? Why? What's wrong with this promise? Could it fulfilled now? Could it fulfilled in time? How?
The table below is an illustration of Pareto efficiency criterion after the implementation of a state income policy in some selected Ministries . Before policy. After policy Ministry A. 400 800 Ministry B. 200 200 Ministry C . 300 300 Total. 900 1300 With reference to the table, explain Pareto optimality.