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- The breakeven level of income is the O Level of income above which a person loses all welfare benefits. O Lowest level of income at which in-kind benefits are no longer necessary. O Amount of income a person must have to reach the poverty line. O Level of income at which an individual household begins to have some discretionary income.4. The Census Bureau recently created a new sup- plemental poverty measure, which defines the poverty threshold as the amount of money that the poorest third of Americans spend on food, clothing, shelter, and utilities. Journalist Robert Samuelson [2010] proposed the following thought experiment: Suppose that all Americans doubled their incomes tomorrow, and suppose that their spending on food, clothing, shelter, and utilities doubled as a result. What would happen to the number of people in poverty ac- cording to this new supplemental measure? Does this strike you as a desirable measure?Imagine someone living close to the poverty line in a developing country. This person runs a small business filtering and selling water. Her daughter gets sick, and she has to sell her filtering machine to pay for treatment. Now she makes very little money cleaning fish for a local fishing cooperative. Graph her income today versus her income tomorrow before her daughter got sick. Explain your assumptions with labels on the graph. Then graph what happens to the equilibrium after her daughter gets sick. Hint: this is an example of a trap.
- The data in the table below shows the income of some random people in Massachusetts. If these were the only people in Massachusetts what is the average (absolute) difference in income among all the pairs? nаme Pre-tax income Mayor Wu $20 Tom Brady $120 Matt Damon $60Mustafa earns 72,000 TRY in a year. Assume that he has 8,000 TRY tax exemption. The following figure shows the marginal tax rates for different income intervals.a) Calculate total tax payments of Mustafa.b) Calculate average tax rate for Mustafa.A group 0f 10 people have the following annual incomes: 24,000,18,000,50,000,100,000,12,000,36,000,80,000,10,000,24,000,16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?
- The table shows three alternative distributions of land ownership in a village with 100 people and 100 hectares of land. Draw the Lorenz curves for each case. For cases I and III calculate the Gini. For case II, show on the Lorenz curve diagram how the Gini coefficient can be calculated. Note this is exercise 5.9 for CORE Project The Economy. 10 people own 10 hectares Case I 90 people own nothing each 34 people own 1 hectare 27 people own 2.44 hectares Case II 39 people own nothing each each 100 people own 1 hectare Case III each. (a) What is the Gini for Case I (between 0 and 1, within two deci (Alt + A) ¡g. 0.12)? Make sure you round correc (b) What is the Gini in Case II? (between 0 and 1, within two decimal places, e.g. 0.34)? Make sure you round correctly. 固团画 (c) What is the Gini in Case IlI? (between 0 and 1, within two decimal places e.g. .99)? Make sure you round correctly.Assume that workers whoses are less than $8000 currently pay no federal income taxes. Suppose a new government program guarantees each worker $4000, whether or not he or she earns any income. For all earned income up to $8000, the worker must pay a 50- percent tax. Draw the budget line facing the worker under this new program. Using the line drawing tool, draw the new budget line facing a worker whose wage is such that his or her pre-tax earned income is less than $8000. Label this line 'BC2'.One proposal for reforming the welfare system is to create a negative income tax. Under the negative income tax, each person is entitled to a grant of G dollars permonth. For every dollar the person earns, the grant is reduced by t dollars. a. Suppose G = 200 and t = 0.40. Consider an individual whose hourly wage = $10. There are 30 days in a month, so the total allotment of T = 720. Sketch the budgetconstraint before and after the introduction of the negative income tax. b. Would people work more or less with the implementation of this system? c. What if t = 100%? Explain!
- A group of 10 people have the following annual incomes: $24, 000, $18, 000, $50, 000, $100, 000, $12, 000, $36, 000, $80, 000, $10, 000, $24, 000, $16, 000. Calculate the share of total income that each quintile receives from this income distribution. What percent of the total income is represented by the highest quintile? Round your answer to the nearest tenth. Provide your answer below:ASAP Consider an income guarantee program with an income guarantess of $6000 and a benefit reductions rate of %50. A person can work up to 2000 hours per year $8 per hour. a. Draw the person’s budget constraint with the income guarantee. b. Suppose that the income gurantee rises to $9000 but with a 75% reduction rate. Draw the new budget constraint. c. Which of these two income guarantee programs is more likely to discourage Work? Explain.A5 South Africa's top 10% of earners contribute almost half of all revenue, and the richest 10% of its residents holds 85.6% of net wealth, according to the OECD, which sees scope for the tax system to be used more to reduce inequality. Based on the above paragraph, which of the following statements is INCORREC A. South African 's bottom 90%of income earners contribute allof to the revenu B. South Africa's income inequality levels are very hig C. South Africa' s income inequality levels are very lo D. South Africa's income contribution is equalwheT
