Which of the following are examples of specialization? Check all that apply. O Eileen is good at explaining things clearly, and Darnell is an expert on taxes; therefore, Eileen teaches, and Darnell prepares people's tax returns. O Ralph is a musician. He hirés a domestic worker to clean his apartment twice a week so that he can concentrate on composing music. O Albert and Juanita each spend half the day tutoring and half the day grading papers. In between tutoring and grading papers, they each must spend an hour driving home from the tutoring center and getting set up for grading papers.
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- TRUE or FALSE. In the context of locational equilibrium, a superior mix of local public goods will make it more likely for workers to demand higher wages, par. Explain.Tom, Dick, and Harry live in the same apartment building in downtown Los Angeles. Tom and Dick work at local auto parts stores, and each of them has an income of y dollars per week. Harry is less fortunate. He used to have a good job at the LAPD, but his penchant for firing large caliber weapons in crowded public places led to his dismissal. He currently has no income. Tom and Dick (who are originally from Texas) firmly believe in a man’s right to draw his gun in the defence of just about anything, and are happy to financially support Harry. Tom gives Harry zT dollars each week, and Dick gives Harry zD dollars each week Tom’s utility UT depends upon the dollar value of his own weekly consumption, cT , and of Harry’s weekly consumption, cH : Likewise, Dick’s utility UD depends upon the dollar value of his own weekly consumption, cD, and of Harry’s weekly consumption: Harry spends all of the money that he receives from Tom and Dick. Tom and Dick spend…As polarization occurs in the U.S. job market (high skill/education positions pay quite well, while less skilled work pays relatively less than in former generations-especially where unions are not present), higher education seems ever more essential and other social institutions are being affected. For example, if mid-level education won’t lead to well-compensated employment, we could see further polarization in educational levels. What more should we, as a nation, do to assure access to the education needed to best function in our society?
- Consider this: "In both the case of the CPA (Certified Public Accountant) painting her house and the painter filing his taxes".There are obvious reasons behind the determining factor that causes them to use professional services. using the illustration above, give other similar example where someone you know can perform many tasks better than others, but still should specialize in what he/she does best according to the principle of comparative advantage.Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved. a. regulating cable TV prices b. providing some poor people with vouchers that can be used to buy food c. prohibiting smoking in public places d. breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies e. imposing higher personal income tax rates on people with higher incomes f. instituting laws against driving while intoxicatedWill the TRAIN law lessen or worsen poverty and income inequality in the country of Philippines? How will the Filipino people benefit from the TRAIN Law?
- Show how moving from a lump sum tax to a linear tax affects outcomes in terms of output and work effort. What is the effect on economic efficiency? Explain through a diagram howthis change in policy leads to an outcome that is not Pareto Optimal. You should use a linear PPF (so that the wage without distortions is constant everywhere).Match the scenario/description provided to the the type of poverty OR human development issue to which it best applies. - A. B. C. D. E. relative poverty - A. B. C. D. E. subjective poverty - A. B. C. D. E. absolute poverty - A. B. C. D. E. human development issue A. Mary’s grandson keeps tripping over nothing because the shoes she just bought him are two sizes too big. She couldn’t get him the ones that fit because he’ll outgrow them so fast and she has to have enough money left from her social security to get the electricity turned back on in the duplex. B. Education and literacy of women and girls, just like Mary, are a life chances that affect the levels of health in the overall…Explain the simultaneous general equilibrium of production and exchange. Will it be possible to attain such equilibrium? When the product market is characterized by monopoly and the factor market by monopoly.
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