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

Income inequality is necessary for Pareto optimality so that people will work as hard as they can.” “If income is distributed equally, then there must be Pareto optimality because you can’t make one person better off without making someone else worse off.” Are these statements true or false? Why or why not?

1. A government economist, Mollie Orshanky, first calculated this in 1963 by multiplying the cost of a very minimal diet by 3, as a 1955 government study had determined that the typical American family spent 1/3 of its income on food.   Group of answer choices a. episodic poverty b. popularity index c. welfare line d. poverty line

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?

List three policies that can affect the level of economic inequality.

Pope Francis argues that we must reject what he calls and economy of "exclusion and inequality." What is it that he thinks about the current state of the global economy that excludes? In what way is it unequal? Do you think there can be an economy that includes everyone and is equal? Explain why or why not.

Suppose the teacher for your course, "Principles of Economics" is a libertarian and adheres strictly by its principles in running your economics class. What policies would you expect your teacher to institute? Policies a Libertarian Would Enforce Policies a Libertarian Would Not Enforce The teacher, seeing grade inequality, decides to give points from the best student's test to the worst's students test. The teacher decides to give everyone in the class an A. The teacher punishing a student for cheating on her income equality and poverty homework assignment. Grade the class on a curve to ensure even grade distribution. When proctoring a test, your teacher requires all students to be given the test face down and all turn over your tests at the same time so that no one has a time advantage.

Suppose a government program guarantees $ 2,000 a month in income, even for those who do not work at all. However, if the recipient earns income by working, the benefit is reduced by 50 cents for each $1 earned. Which of the following statements is true? This program will redefine the proverty line. While the goal may be to reduce poverty, people rarely respond to incentives. This program will reduce the incentive to work significantly. The goal of this program is to increase the incentive to work, reducing the poverty trap.

What are some reasons why a certain degree of inequality of income would be expected in a market economy?

Describe how a push for economic equality might reduce incentives to work and produce output. Then describe how a push for economic inequality might not have such effects.