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Comment on or explain: Equality is a “superior good”; the richer we become, the more of it we can afford.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Comment on or explain: Equality is a “superior good”; the richer we become, the more of it we can afford.

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How has assortative mating contributed to growing inequality? Taxes redistribute income from the poor to the rich O People marry someone similar to them, creating some households with many resources and others with few O Groups with political clout convince the government to implement exclusive institutions O New technologies like the internet create opportunities for the people with skills to use them
You have already saved $55. You earn $9 per hour at your job. You are saving for a bicycle that costs $199. Which inequality represents the possible numbers of hours you need to work to buy the bicycle?
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Should the government do more to reduce income inequality? If so, what? If not, why not? Would reducing inequality have any benefits for society in general? Specifically, would reducing inequality benefit middle class and upper class households? If so, how? Do you think it likely that attempts to reduce income inequality would reduce people's incentives to work? Why or why not?
Positive or Normative