Q Exam Chs. 1-7 - Requires Respondus LockDown Browser + Webcam pace Questi point) 1 πι Listen Consider the income distribution listed below for countries A, B, C, D. Which country has the greatest degree of income equality? ABCD Lowest Second Third Fourth High est Fifth Fifth Fifth Fifth Fifth 18% 19% 20% 21% 22% 2% 4% 6% 8% 80% 5% 10% 15% 25% 45% 4% 11% 17% 30% 38% ○ A ○ B Ос ○ D Question 26 (1 point) Listen ↓m An entry barrier that involves cost advantages is:

Q Exam Chs. 1-7 - Requires Respondus LockDown Browser + Webcam pace Questi point) 1 πι Listen Consider the income distribution listed below for countries A, B, C, D. Which country has the greatest degree of income equality? ABCD Lowest Second Third Fourth High est Fifth Fifth Fifth Fifth Fifth 18% 19% 20% 21% 22% 2% 4% 6% 8% 80% 5% 10% 15% 25% 45% 4% 11% 17% 30% 38% ○ A ○ B Ос ○ D Question 26 (1 point) Listen ↓m An entry barrier that involves cost advantages is:

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 7SCQ: Table 15.9 shows the share of income going to each quintile of the income distribution for the...

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Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage labor market, explain how information technology can increase income inequality if it is a complement to high-income workers like salespeople and managers, but a substitute for low-come workers like file clerks and telephone receptionists.
What goods and services would you include in an estimate of the basic necessities for a family of four?
Explain how a country may experience greater equality in the distribution of income, yet still experience high rates of poverty. Hint: Look at the Clear It Up 'How do governments measure poverty in low-income countries?' and compare to Table 15.5.
Who is included in the top income quintile?
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How is the poverty rate calculated?
Which set of policies is more likely to cause a tradeoff between economic output and equality: policies of redistribution policies aimed at the ladder of opportunity? Explain how the production possibility frontier tradeoff between economic equality and output might look in each case.
Explain how you would create a government program that would give an incentive for labor to increase hours and keep labor from falling into the poverty trap.
Why is there reluctance on the part of some in the United States to redistribute income so that greater equality can be achieved?
Table 15.9 shows the share of income going to each quintile of the income distribution for the United Kingdom in 1979 and 1991. Use this data to calculate what the points on a Lorenz curve would be, and sketch the Lorenz curve. How did inequality in the United Kingdom shift over this time period? How can you see the patterns in the quintiles in the Lorenz curves?
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