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Indicate True (T) or False (F) for the following question, and explain your answer in 50 words
"If a society wishes to achieve a high degree of efficiency, then it must also accept a high level of inequality."
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- Which set of policies is more likely to cause a tradeoff between economic output and equality: policies of redistribution or policies aimed at the ladder of opportunity? Explain how the production possibility frontier tradeoff between economic equality and output might look in each case.Do you agree or disagree? Explain your reasoning. “There need be no trade-off between equality and efficiency. An ‘efficient’ economy that yields an income distribution that many regard as unfair may cause those with meager incomes to become discouraged and stop trying. So efficiency may be undermined. A fairer distribution of rewards may generate a higher average productive effort on the part of the population, thereby enhancing efficiency. If people think they are playing a fair economic game and this belief causes them to try harder, an economy with an equitable income distribution may be efficient as well.The trade-off between efficiency and equity is of great importance to economists. Why are economists so concerned about the impact of government policies and actions on efficiency and equity? Base your answer on economic theory.
- Consider the optimizing behavior of people from Chapter 6. Why is early childhood intervention so effective at reducing poverty? The article addresses this in the chapter that starts with "Studies of the dynamics of human skill formation..." Chapter 6 Production, Cost, and Market Models Survey of Economics v2.0 Libby Rittenberg and Timothy TregarthenWhen one member of a society owns all of the goods, and redistribution of goods cannot take place without making that member worse off, the society can be said to be: allocative efficient. production efficient. equitable. Pareto efficient.Do you think Pareto Efficiency is enough to explain welfare economics?
- What did mercantilism see as the economic goal for society? Why was poverty seen as essential? Give one paragraph (short) explanation for the above question.Discuss and illustrate any of the following terms (Realization Principle, Claim of Right Doctrine, Economic Benefit Theory and Severance Test Theory) using a situational exampleThe following graph depicts three families, X, Y, and Z, and their utility based on spending on education and other goods. Suppose free public education is provided and the new budget constraint is shown in red. Which family (or families) will have its utility unchanged from free public education? Other goods spending G G1 G3 G4 E1 EF E2 E3 Education spending X and Y O X, Y, and Z X
- 9There are three popular types of social welfare functions. Benthamite Social Welfare Function - W (u,, uz, --- Un) = Eu Egalitarian Social Welfare Function - W(u,uz, Un) = E,u-1E(u- min(u)) Rawlsian Social Welfare Function - W(u,, u, .u) = min(u) Select two values of 2 in the Egalitarian Social Welfare Function such that it becomes equivalent to the Benthamite Function and Rawlsian Function respectively. (Note: Make sure that the first value in the option corresponds to Benthamite and second value corresponds to Rawlsian.) ON, 1/N O0, 1 01.0 O0.33, 0.67 O0.67,0.33Suppose 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.Explain the concepts of Pareto efficiency, fair allocation, and unfair allocation as applied in welfare economics.