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.
Who owns the factors of production and the method used to coordinate economic activity?
Would a decline in U.S. consumer income or a weakening of U.S. preferences for foreign products cause the dollar to depreciate or appreciate? Other things equal, what would be the effects of that depreciation or appreciation on U.S. exports and imports?
Briefly state the pros and cons of Proprietorship?
Explain the definition of Economics?
Give a brief introduction of the term Control Principle?
Why does a demand curve slope downward?
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
Enumerate and briefly discuss the main economic functions of government. Which of these functions do you think is the most controversial? Why?
Economic efficiency is present while the: (w) economic system is a pure socialist system. (x) resources obtainable are slightly wasted. (y) value of output is maximized, specified restricted resources. (z) utilization of resources is minimized. <
What happens in the resource markets?
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