Does the inflation tax hurt the rich or poor more? Explain.
Does the inflation tax hurt the rich or poor more? Explain.
Homework Answers
The inflation tax hurts the poor more.
Because of income inequality, there is a huge difference between the income and wealth of the rich and the poor. Inflation hurts the poor more because of two reasons - 1. A large portion of the income of the poor is spent on necessary goods such as food, clothing, etc. Therefore, a hike in the price of these goods badly affects the poor. 2. Since the rich already have a very high purchasing power, inflation does not generally result in a significant fall in their purchasing power. However, since the poor already have low purchasing power, a reduction in the wealth and income due to inflation results in a significant fall in the purchasing power of the poor.
A carbon tax is likely to be regressive (it will hurt the poor more than the...
A carbon tax is likely to be regressive (it will hurt the poor more than the rich because it takes a bigger percentage of their income). Regardless of your opinion on question 1, if a carbon tax was adopted what should we do with the money? We have several choices: (a) use it to fund more green research, (b) put it in the general fund (to be spent on anything), (c) lower payroll taxes on the bottom 40% (by the...
does a progressive tax system by itself guarantee that resources will be redistributed from the rich...
does a progressive tax system by itself guarantee that resources will be redistributed from the rich to the poor? Explain. is the tax system in the united states progressive, regressive or proportional? does the tax spending in the united States redistribute resources from higher income earners to lower income earners?
Question text If the rich pay more in taxes than the poor, the tax system could...
Question text If the rich pay more in taxes than the poor, the tax system could not be regressive. Select one: True False Question text If revenue from a cigarette tax is used to provide medical care to individuals that develop health problems due to smoking, the cigarette tax may be justified on the basis of the benefits principle of taxation. Select one: True False Question text Benjamin earned more than $50,000 and Franklin earned less than $40,000. If the...
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The average income in a rich country a. is about 5 times that in a poor...
The average income in a rich country a. is about 5 times that in a poor country. Further, people in rich countries have longer life expectancy. b. is about 5 times that in a poor country. However, people in rich countries have about the same life expectancy as those in poor countries. c. is more than ten times that in a poor country. Further, people in rich countries have longer life expectancy. d. is more than ten times that in poor country. However, people...
Corruption generally has a deeper and more negative effect in poor countries than in rich countries....
Corruption generally has a deeper and more negative effect in poor countries than in rich countries. True False
please solve both sections. thank you ?)Explain why botR rich onl poor countries to xpericance scarcity....
please solve both sections.
thank you
?)Explain why botR rich onl poor countries to xpericance scarcity. Does scarcity appy individuals as wel/2
Describe 1. Should poor countries grow faster than rich in a Solow model? Explain 2. Explain...
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1. Why does "substitution bias" arise if the inflation rate is calculated based on a fixed...
1. Why does "substitution bias" arise if the inflation rate is calculated based on a fixed basket of goods? 2. Identify several parties likely to be helped and hurt by inflation. Explain how they are helped or hurt?
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor...
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor causes the rich to sacrifice a lot and the poor to gain a little. the marginal utility of both the rich and the poor to increase. the marginal utility of both the rich and the poor to decrease. an increase in total utility because of the law of decreasing marginal utility.
please solve both sections.
thank you
?)Explain why botR rich onl poor countries to xpericance scarcity. Does scarcity appy individuals as wel/2
1. Why does "substitution bias" arise if the inflation rate is calculated based on a fixed basket of goods? 2. Identify several parties likely to be helped and hurt by inflation. Explain how they are helped or hurt?
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor causes the rich to sacrifice a lot and the poor to gain a little. the marginal utility of both the rich and the poor to increase. the marginal utility of both the rich and the poor to decrease. an increase in total utility because of the law of decreasing marginal utility.
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