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to what extent is incone in equality a result pf choices made by the individual?
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- How do we define economic welfare ?oDescribe 3 ways in which human decisions making differs from the rational individual conventional economic theoryBriefly discuss the contrast between outcomes in which a) Angela is anindependent farmer; b) Angela is Bruno’s slave; c) Angela has a reservation option, so can choosewhether, and how much, to work, and Bruno makes a take it or leave it offer of a fixed amount of rent(in terms of grain). Your answer should focus on i ) differences in terms of Angela’s hours worked; ii)Pareto efficiency vs fairness; iii) who gains from trade.
- Use a diagram to illustrate simultaneous equilibrium. How would the initial distribution of income impact on the equilibrium?Legislation to protect red-cockaded woodpeckers created incentives that resulted in premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following pitfalls to avoid in economic thinking? O the fallacy of composition O Association is not causation. O the use of ceteris paribus conditions in economic analysis O Good intentions do not always lead to desirable outcomes.According to a US Census Bureau survey in 2014 Muple Choice O ● O 25.03 63 55 55.35 percent of unauthorized immigrant households used at least one form of welfare, as compared to percent of a migrant households households with a c
- A significantly larger proportion of higher social class children attend college than lower-class children. This islargely due to differences in ability among social classes. T or F?Individuals may not act in the rational, calculating way described by the economic model of decision making, measuring utility and costs at the margin, but can you make a case that they behave approximately that way?WHAT is an allocation of resources such that no person can be made better off without making another person worse off?