EXPLORING ECONOMICS
8th Edition
ISBN: 2818000015614
Author: Sexton
Publisher: SAGE
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Question
Chapter 17, Problem 8P
To determine
To decide:
The alternative to be preferred and whether a system redistribution of income lying between two extremes should be preferred.
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Suppose that Eric believes that the government should aim to raise the welfare of the poorest people in society, because if we all started in the exact same position in life and then created rules and laws to obey as a society, people would be concerned about ending up at the bottom of the income distribution.
Which redistributive philosophy is consistent with Eric's view?
Utilitarianism
Liberalism
Libertarianism.
Which of the following statements is not correct?
Select one:
a.
The economic life cycle theory explains why gifts of goods and services reduce poverty for the very young and the very old.
b.
Because people can borrow and save to smooth out changes in income, their standard of living in any one year depends more on lifetime income than on a particular year's income.
c.
The percentage of the population that suffers from long-term poverty is far smaller than the percentage of the population that suffers from short-term poverty because there is a high level of economic mobility in the United States.
d.
Permanent income is a better measure of a family's ability to buy the necessities of life than is transitory income.
what political, economic, religious and other social factors influence population policy considerations?
Chapter 17 Solutions
EXPLORING ECONOMICS
Ch. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - Prob. 4PCh. 17 - Prob. 5PCh. 17 - Prob. 6PCh. 17 - Prob. 7PCh. 17 - Prob. 8PCh. 17 - Prob. 9PCh. 17 - Prob. 10P
Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - Prob. 15PCh. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - Prob. 27PCh. 17 - Prob. 28P
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- One of the problems of allowing goods and services to be distributed solely by the market is that income is unequally distributed, especially here in the US. Why would the market produce an inadequate level of some goods and services, which society might view as critical for peoples’ well being, while at the same time, use a significant quantity of resources to produce goods and services that contributed little to society’s overall well being? Your answer should contain at least two examples of goods and services that are critical and inadequately produced and two examples of goods and services that are largely wasteful and overproduced (4 examples in total). Remember your answer should revolve around the distribution of income, and should be focused only on the United States.arrow_forwardWhich of the following would be an example of economic equity? Everyone makes as much money as the market allows. A doctor gets paid more than a custodian, but the custodian still makes a livable salary for their work. Everyone would get a monthly $1,000 check from the government. Everyone who worked would be paid the same.arrow_forwardMark Zuckerberg of Facebook and Elon Musk of Space X have taken risks to build to their businesses and been successful at it. The fundamental premise for their success mostly hinges on the ownership of private property and free market forces. For billionaires like them who have made their wealth mostly based on their own effort and perseverance, would it be fair to impose high income tax on them to redistribute their wealth to help the poor?arrow_forward
- The Utilitarian specification of the social welfare function (SWF) generally leads to a higher level of redistribution than the Rawlsian specification of the SWF. True or false? Explain your answerarrow_forwardIn social welfare programs, there is no way to change either the benefit reduction rate or the benefit guarantee to simultaneously achieve all three goals of encouraging work, redistributing more income and lowering costs. What is this dilemma called?arrow_forwardCan regional differences in unemployment rates and poverty rates exist in spatial equilibrium?arrow_forward
- Carefully explain the economic role of the government in a mixed economy.arrow_forwardHenry George and William Graham Sumner both wrote in the late nineteenth century about poverty and inequality in the industrial era, but from very different angles. How did each of these men view the situation, and what response from the government did they advocate? (Please do NOT answer this question by searching for the life stories of these two men. Please just summarize their ideas concisely, based on your comprehension of them.)arrow_forwardWhy the governments should prioritized the end of poverty and hunger?arrow_forward
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