Please answer thankyou 1. Explain why a Country with low GDP is considered poor.2. Discuss the connection between education & income inequality.

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1. Explain why a Country with low GDP is considered poor.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 43CTQ: Explain what the long- and short-term consequences are of not promoting equality or working to...

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Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

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Please answer thankyou

1. Explain why a Country with low GDP is considered poor.
2. Discuss the connection between education & income inequality.

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Answer thankyou
1. Describe how each of these changes is likely to affect poverty and inequality: a. Incomes rise for low-income and high-income workers, but rise more for the high-income earners b. Incomes fall for low-income and high-income workers, but fall more for high-income earners. 2. Based on the theory of rational ignorance, what should we expect to happen to voter turnout as the Internet makes information easier to obtain? 3. What is the cost of voting in an election? 4. What is the main factor preventing a large community from influencing policy in the same way as a special interest group? 5. How does the TANF attempt to loosen the poverty trap?
A10. What is “relative inequality” and how is it measured? How is relative inequality different to absolute inequality?