State whether you agree with the following statement and why: “It doesn’t make sense to give poor people cash since they’ll spend it on cigarettes and lottery tickets instead of needed items.”
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State whether you agree with the following statement and why: “It doesn’t make sense to give poor people cash since they’ll spend it on cigarettes and lottery tickets instead of needed items.”
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- Imagine you are an economics professor in a world without money. Explain why it would be tricky to obtain groceries, clothing, and a place to live.From the economist’s point of view the term needs is objectively indefinable." Your instructor disagrees. The fact that we talk about poverty and unemployment rates in economics would contradict Miller's statement. Food, shelter and clothing are considered basic needs. But what is needed to live in Southeastern Michigan in the 21st Century? For example, would you consider a car to be a necessity?Which is more pro-poor between the benefit received theory and the ability to pay theory? Why?
- Question 3. Imagine that the government statisticians who calculate the inflation rate have been updating the basic basket of goods once every 10 years, but now they decide to update it every five years. How will this change affect the amount of substitution bias and quality/new goods bias? Provide graphs where applicableMillennials is also known as____. (fill in the blank)What is a difference between money price and real price?
- 1.22 Which of the following explains why redistribution occurs during inflation?a) Rising prices fail to signal desirable changes in the mix of output.b) Because all prices do not change at the same rate, people buy different combinations of goods andservices and own different combinations of wealth.c) Relative prices remain unchanged.d) All loans are indexed to inflation.(Please explain with graphic) Suppose that a consumer cannot vary hours of work as he or she chooses. In particular, he or she must choose between working q hours and not working at all, where q > 0. Suppose that dividend income is zero, and that the consumer pays a tax T if he or she works, and receives a benefit b when not working, interpreted as an unemployment insurance payment. a. If the wage rate increases, how does this affect the consumer’s hours of work? What does this have to say about what we would observe about the behavior of actual consumers when wages change? Explained also with the graph b. Suppose that the unemployment insurance benefit increases. How will this affect hours of work? Explain the implications of this for unemployment insurance programs. Explained also with the graphhi Pleasee assist me with this question 1.2 Which of the following explains why redistribution occurs during inflation? a) Rising prices fail to signal desirable changes in the mix of output.b) Because all prices do not change at the same rate, people buy different combinations of goods andservices and own different combinations of wealth.c) Relative prices remain unchanged.d) All loans are indexed to inflation.
- Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…Is it just to tax the rich to give to the poor? Should the government tax Bill Gates and other wealthy people and use the money to supplement the income of unemployed people, single mothers with low incomes, or other poor people? Should the government tax rich people and loan the money interest free to poor kids so that they can go to college? Or would all of that be unjust? Make sure to mention ethical egoism, and altruism in your answer.Consider an economy that lacks any safety regulations. After a review of various incidences of workplace injuries, the government in this economy concludes that workers may not be optimally choosing jobs based on wages and safety. That is to say, workers seem to be accepting jobs that don't pay a high enough wage given the level of safety (or, put another way, jobs that aren't safe enough given the wage paid). This government is open to implementing new policies that would help workers make more optimal wage-safety choices. However, it strongly prefers avoiding the implementation of safety regulations on employers. For each of the following underlying causes of the wage-safety issue, describe a potential policy that could help resolve it. Given this government's aversion to implementing safety regulations, use "safety regulations" as a policy response to only one of these causes. a) Imperfect information among workers b) Imperfect competition between firms c) Workers experiencing the…