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Magazine Chapter 15: Poverty and Economic Inequality
Q. 19
Who are the near-poor?
Q.2
Jonathon is a single father with one child. He can work as a server for \(6 per hour for up to 1,500 hours per year. He is eligible for welfare, and so if he does not earn any income, he will receive a total of \)10,000 per year. He can work and still receive government benefits, but for every \(1 of income, his welfare stipend is \)1 less. Create a table similar to Table 15.4 that shows Jonathan鈥檚 options. Use four columns, the first showing number of hours to work, the second showing his earnings from work, the third showing the government benefits he will receive, and the fourth column showing his total income (earnings + government support). Sketch a labor-leisure diagram of Jonathan鈥檚 opportunity set with and without government support.
Q. 20
What is the safety net?
Q. 21
Briefly explain the differences between TANF, the earned income tax credit, SNAP, and Medicaid.
Q. 22
Who is included in the top income quintile?
Q. 23
What is measured on the two axes of a Lorenz
curve?
Q. 24
If a country had perfect income equality what
would the Lorenz curve look like?
Q. 25
How has the inequality of income changed in the U.S. economy since the late 1970s?
Q. 26
What are some reasons why a certain degree of inequality of income would be expected in a market economy?
Q. 27
What are the main reasons economists give for the increase in inequality of incomes?
