Elucidate redistribution of income
Elucidate redistribution of income?
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1. Transfer payments provide relief to the poor, dependent, handicapped, and unemployment compensation to those unemployed who qualify for benefits. Social Security and Medicare programs support the sick and aged.
2. Government intervenes in markets by modifying prices. Price support programs for farmers; minimum wage laws are examples.
3. Taxation takes a larger proportion of incomes of the rich than the poor.
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Define the term Abstractions in economics?
What are the dependencies in U.S. and World Trade?
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Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close
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The cornerstone of typical economic theory derived through the work of Jeremy Bentham was the perception of (i) the wages fund. (ii) natural checks on population. (iii) increasing cost. (iv) utility. (v) surplus value. Q : External costs and external benefits Explain the impact of external costs and external benefits on resource allocation
Explain the impact of external costs and external benefits on resource allocation
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