BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

Solutions

Chapter
Section
BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What role might each of the following play in contributing to income inequality?

  1. a. Risk taking
  2. b. Education
  3. c. Innate abilities and attributes

To determine

The factors that determine income inequality.

Explanation

The factors such as dissimilar abilities and attributes, education, working hours, wage discrimination, risk taking, and luck determine income inequality.

  • Dissimilar abilities and potentials: Each individual has different abilities and potentials in the form of intelligence, appearance, and creativity. Those who have potentials can earn higher income than others.
  • Education: An educated person has comparatively more skills and knowledge than uneducated people. Thus, their productivity increases and earns more income. 
  • Working hours: The individual who works more implies less leisure and vice versa. Some people prefer to work more to earn income by sacrificing leisure...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Describe the major components of a TQM program.

Foundations of Business (MindTap Course List)

Construct a DuPont analysis for Hewlett Packard and its peers. What are Hewlett Packards strengths and weakness...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)