ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
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Whichofthefollowingstatementsis(are)correct?
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(x) The federal healthcare spending program that specifically targets the poor is called Medicaid and the
federal healthcare spending program that assists the elderly is called Medicare.
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(y) Specific spending programs that are included under the general category of income security include food
stamps and Temporary Assistance for Needy Families (TANF).
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(z) Medicare has been the focus of many proposed reforms over the last several years because health care
costs have risen more rapidly than the cost of other goods and services produced in the U.S.
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(x), (y) and (z)
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(x) and (y) only
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(x) and (z) only
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(y) and (z) only
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(x) only
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- Which of the following stalements is CORRECT about Medicare? A.Il is a medical assistance program B.Il is a hospital and medical expense insurance program. C.It provides benefis o lotally disabled persons only D.Its Part A provides payment for physicians' bills.arrow_forwardQUESTION 19 Which of these is NOT a component of the 2016 Social Security reform proposal by Democratic lawmakers? O a. an increase in minimum benefits to 25% above the poverty line b. an increase in benefits by 2% for all recipients O c. a more generous cost-of-living adjustment O d. lower payroll taxesarrow_forward1. An economy's Lorenz Curve reveals that an economy's highest income quintile has 65% of the economy's income while the lowest income quintile only has 5% of the economy's income. Solely based on the Lorenz Curve, is this distribution of income fair? Why or why not? 2. To combat income inequality and to generate increased tax revenues to fund expenditures, government officials decide to aggressively increase how progressive income taxes are, so much so that the top income earners are marginally taxed 90% of their income (and while this marginal tax rate may seem oppressive, these top income earners still have more than enough income to satisfy all of their needs and all but the most extravagant of wants - basically, these earners have more than enough money). Argue why this tax policy is a fair approach to fund government expenditures. Why might this tax policy fail to achieve its objectives (tax revenues would actually decline as a result)?arrow_forward
- As of 2016, social insurance tax on a typical worker’s income is calculated as ___ of the worker’s pretax paycheck amount. Only ____ of that amount is actually deducted from the worker’s paycheck. The other ____ is paid by the employer. Self-employed individuals, however, must pay the full ____ themselves. For Social Security, though not for Medicare, the amount of income taxed is capped. The cap for 2016 is ____. Answer Choices: 5.1% 7.65% 10.2% 15.3% $118,000 $125 $133 700 900arrow_forward38arrow_forwardPls help with below homework. Why do social workers care about stringency of eligability? What sorts of things does stringency of eligibility refer to?arrow_forward
- Table H-1. Income Limits for Each Fifth and Top 5 Percent of All Households: 1967 to 2021 Current Dollars 2021 Year Number (thousands) Lowest Upper limit of each fifth (dollars) Second Third 89,744 Fourth 149,131 Lower limit of top 5 percent (dollars) 131,202 28,007 55,000 Question 04b: Which of the following statements are true? a) The upper limit on income of the lowest 20% of households in the United States is $28,007 meaning the range of the lowest quintile is from zero to $28,007. 286,304 b) The income range of the middle (third) quintile of households is from $55,001 to $89,744. c) The top 20% of households had income of at least $149,132. d) All of the above are true statements for the almost 130 million households in 2021.arrow_forward13. The Lorenz curve A) has non-decreasing gradient B) cannot have straight line segments C) none of the answers D) can cross the 45 degree linearrow_forwardSee imagearrow_forward
- Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardQuestions Explain three methods of measuring the income inequality of a nation? 1.kuznet ratio 2. Lorenz curve 3. Gini coefficient As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealthis narrowly defined as financial wealth—namely, cash on handand the money value of tangible and nonliquid assets. Even justthe market valuation of financial portfolios is commonly used todefine financial wealth. However, some may extend the definitionto include the value of income streams and insurance rights that,for the most part, cannot be transacted or encumbered. Theseinclude Medicare, Medicaid, and Social Security. When suchtransfers and public assistance are included, the poor and manyelderly could benefit, reducing the wealth disparity (Galbraith2016). To obtain net wealth, the value of the debts are subtractedsubtracted from the value of the assets.…arrow_forward1. Define the concept of absolute poverty and Identify FOUR (4) measures undertaken by the government to eradicate rural poverty.arrow_forward
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