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- Pls help with below homework-) Is it true that universal guarantedd basic income is the best solution for poeverty and income ineqality ? Please explain in details.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 equalwheTWhen recording devices were first invented morethan 100 years ago, musicians could suddenly supplytheir music to large audiences at low cost. How doyou suppose this development affected the income ofthe best musicians? How do you suppose it affectedthe income of average musicians?
- Suppose you are a typical person in the U.S. economy.You pay 4 percent of your income in a state incometax and 15.3 percent of your labor earnings in federalpayroll taxes (employer and employee sharescombined). You also pay federal income taxes as inTable 2 (p. 228). How much tax of each type do youpay if you earn $30,000 a year? Taking all taxes intoaccount, what are your average and marginal tax rates?What happens to your tax bill and to your average andmarginal tax rates if your income rises to $60,000?Consider the following graph, which shows the relationship between an individual's income and the number of times he or she eats out each month. QUANTITY (Dinners out per month) 20 18 16 14 12 10 8 0 0 1 2 6 8 4 5 7 INCOME (Thousands of dollars per month) 3 O 9 10 0 Nick Hint: When answering the following, be sure to specify the appropriate units. The blue point already shown on the graph shows the data for Rosa. According to the graph, Rosa's income is , and she has) Suppose that ina a there society Ceorge, are two people, Cos tas and only hite which share a fixed amount o f income t500 .The function Cos ta's usefulness in Uk=SO I, U=200xI,2 CWhere Ik and Ir is the income of Costas and George respectively) Suppose that the function of social well- being is W=UktOr. Determime the income distribution between Costo) and George who monimizes social prosperity. 1/2 while its function George is
- 6. This question is based on the following table. Household Income Average number of car per household $0 -- $29,999 1.5 30,000--- 49,999 1.7 50,000 --- 74,999 1.9 75,000--- 99,999 2.4 100,000- 149,999 2.8 150,000 and over 3.2 The relationship between household income and average number of car per household is: a. Fluctuating. O b. Terminal. Oc. Direct. O d. Indirect. Oe. Inverse.The following graph shows the budget constraint for a household who has to choose between consumption goods and health care services. Please explain tho difference between the two lines. Budget constraint Corsumer goods X Y(H) = pX + qM Y(H) = pX + qM Haalth care services M Y-Incone H=health ppeice of consunmer goods 9*peice of healh care servicesJien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line
- Consider the following graph, which shows the relationship between an individual's income and the number of times he or she eats out each month. S QUANTITY (Dinners out per month) 20 18 16 14 12 10 8 2 0 0 1 O 2 4 5 6 7 8 INCOME (Thousands of dollars per month) 3 9 10 Darnell ? Hint: When answering the following, be sure to specify the appropriate units. The blue point already shown on the graph shows the data for Eleanor. According to the graph, Eleanor's income is has Use the orange point (square symbol) to plot the data for Darnell. Suppose Eleanor's friend Darnell has an income of $2,000 per month and has 4 dinners out per month. and sheTal aming Www conomics W Hos Pe S X 3 2 722 Practices and w Name O E D A Carver & Debbie O CO OD Eme Who has the median income in this group 4-PREVIOUS C BA 4 O R F 28 2.10 Alex 5 V Caver Debbie Eame $41,000 Francesca $18.000 $36.000 Income $20,000 $90,000 $82.000 G SearchType T G 6 B Y H 4 TV U N C B 3 A I D t M 9 K O -0 V. X FThe following question has 4 parts (a.-d.), parts b. to d. will be revealed after submitting your answer by hitting "Verify" on the preceding sections. Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars. Individual Individual 1 Individual 2 Individual 3 Individual 4 Individual 5 Individual 6 Individual 7 Individual 8 Individual 9 Individual 10 Income 46 80 96 33 74 54 48 28 83 10