Homework Answers
Income inequality has seen full circle as we see following patterns:
- Poor in 19th century became rich in 20th century
- Middle income in 19th century became poor in 20th century
- Rich in 19th century became middle income in 20th century
Thus we can see incomes got diversified from richer incomes to middle incomes to poor incomes who finally got into richer incomes completing the cycle.
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4. The table below shows a Markov matrix for the income levels of 40 countries over...
2. Consider the Solow growth model. Suppose that the production function is constant returns to scale...
2. Consider the Solow growth model. Suppose that the production function is constant returns to scale and it is explicitly given by: Y = K L l-a a. What is the level of output per capita, y, where y = Y/L? b. Individuals in this economy save s fraction of their income. If there is population growth, denoted by n, and capital depreciates at the rate of d over time, write down an equation for the evolution of capital per...
The table below shows the annual incomes of the only residents of two countries A and...
The table below shows the annual incomes of the only residents of two countries A and B. Draw each country's Lorenz curve and determine which country has a more unequal income distribution. 8. Person Incomes in Country A (S)20 25 1000 30 50 40 50 2000 60 100
The income distributions for three countries are in the table below. % of total national income...
The income distributions for three countries are in the table below. % of total national income Argentina Honduras Denmark 38 48 55 23 21 22 Top quintile Fourth quintile Middle quintile Second quintile Bottom quintile 13 18 15 10 8 3 14 8 4 Match each country with its Lorenz curve: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Argentina: (Click to select) A Honduras: (Click to select)...
6. The table below contains data on income inequality and infant mortality for 21 OECD countries....
6. The table below contains data on income inequality and infant mortality for 21 OECD countries. Income inequality is measured as the 20:20 income ratio, which compares the average income for the top 20% of earners to the average income for the bottom 20%. The infant mortality rate refers to infant deaths in the first vear of life. It is measured as the rate per 1,000 live births in the population. Does inequality affect infant mortality across OECD countries? For...
Question 4 The table below shows the real GDP (US$) for two countries in 2019. Table...
Question 4 The table below shows the real GDP (US$) for two countries in 2019. Table 2 Country A Country B GDP (constant 2010 US$) 4.6 million 3 million Population 12,000 8,000 Total hours of employment 80,000 48,000 a) Based on the information provided in Table 2, analyse whether it is correct to assume that productivity and standard of living is higher in country A than country B. Workings has to be shown. (5 marks) b) Generally, most economists agree...
The table below shows the marginal product of labor at various employment levels. Assume this firm...
The table below shows the marginal product of labor at various employment levels. Assume this firm is a monopoly, and the marginal revenue is in the table below. Labor Marginal Product of Labor Marginal Revenue 1 10 20 2 8 14 3 7 10 4 5 8 5 3 4 6 1 2 What is the marginal revenue product of labor at each level of labor? If the firm operates in a perfectly competitive labor market where the going...
The table below shows the GDP deflator and the CPI over five recent years. By what...
The table below shows the GDP deflator and the CPI over five recent years. By what percent did prices change between years for each measure? Calculate the annual inflation rate and then the inflation rate across the entire time period. Instructions: Enter your answers as percentages rounded to two decimal places. Change in GDP deflator Year 2012 2013 Change in CPI GDP deflator 100 105 CPI 100 104 2014 112 2015 123 110 113 120 2016 127 2012-2016
Lisa spends all her income on pizzas and soda. The table below shows Lisa's marginal utility...
Lisa spends all her income on pizzas and soda. The table below shows Lisa's marginal utility for pizza and marginal utility for soda. If the price of pizza is $10, the price of soda is $5, and Lisa has $40 to spend on the two goods, what combination of pizza and soda will maximize her utility? Please show your answers in your table by circling the equilibrium marginal utility per dollar for the two goods and units of pizza and...
Question 4 [10 Marks] The table below shows the percentage of population below poverty level in...
Question 4 [10 Marks] The table below shows the percentage of population below poverty level in ten localities, as determined in the years 1990 and 1998. Locality 1 2 3 4 5 6 7 8 9 10 1998 11.6 9.8 10.1 8.7 20.4 11.2 13.1 10.4 16.6 13.7 1990 7.5 13.4 13.7 10.7 20.9 11.5 14.4 13.1 13.7 16.2 Is this paired or unpaired data? Calculate the summary statistics relevant to this problem. Compute a 95% confidence interval for the...
The table below shows interest rates on 10-year bonds for a sample of countries that share...
The table below shows interest rates on 10-year bonds for a sample of countries that share a common currency (the euro) (Source: Bloomberg, 08/2018). Assume that investors are not entertaining the possibility that one of these countries will abandon the euro (and expose investors to exchange rate risk). Which country is likely considered to be the greatest default risk among the group? France 0.68% Italy 3.09% Spain 1.45% Netherlands 0.42% Portugal 1.82% Greece 4.21% Question 16 options: Spain Italy Greece...
2. Consider the Solow growth model. Suppose that the production function is constant returns to scale and it is explicitly given by: Y = K L l-a a. What is the level of output per capita, y, where y = Y/L? b. Individuals in this economy save s fraction of their income. If there is population growth, denoted by n, and capital depreciates at the rate of d over time, write down an equation for the evolution of capital per...
The table below shows the annual incomes of the only residents of two countries A and B. Draw each country's Lorenz curve and determine which country has a more unequal income distribution. 8. Person Incomes in Country A (S)20 25 1000 30 50 40 50 2000 60 100
The income distributions for three countries are in the table below. % of total national income Argentina Honduras Denmark 38 48 55 23 21 22 Top quintile Fourth quintile Middle quintile Second quintile Bottom quintile 13 18 15 10 8 3 14 8 4 Match each country with its Lorenz curve: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Argentina: (Click to select) A Honduras: (Click to select)...
6. The table below contains data on income inequality and infant mortality for 21 OECD countries. Income inequality is measured as the 20:20 income ratio, which compares the average income for the top 20% of earners to the average income for the bottom 20%. The infant mortality rate refers to infant deaths in the first vear of life. It is measured as the rate per 1,000 live births in the population. Does inequality affect infant mortality across OECD countries? For...
The table below shows the GDP deflator and the CPI over five recent years. By what percent did prices change between years for each measure? Calculate the annual inflation rate and then the inflation rate across the entire time period. Instructions: Enter your answers as percentages rounded to two decimal places. Change in GDP deflator Year 2012 2013 Change in CPI GDP deflator 100 105 CPI 100 104 2014 112 2015 123 110 113 120 2016 127 2012-2016
Lisa spends all her income on pizzas and soda. The table below shows Lisa's marginal utility for pizza and marginal utility for soda. If the price of pizza is $10, the price of soda is $5, and Lisa has $40 to spend on the two goods, what combination of pizza and soda will maximize her utility? Please show your answers in your table by circling the equilibrium marginal utility per dollar for the two goods and units of pizza and...
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