Short answer (in less than 200 words): What is meant by the term âpoverty trap?â What is nutritional based poverty trap? Do you think poverty traps exist? If you think that a poverty traps exists, explain why and how they could be overcome.

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Elin HesselLv2

28 May 2018

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The poverty rate would be substantially lower if the market value of in-kind transfers were added to family income. The largest in-kind transfer is Medicaid, the government health program for the poor. Let’s say the program costs $10,000 per recipient family.

a. If the government gave each recipient family a $10,000 check instead of enrolling them in the Medicaid program, do you think that most of these families would spend that money to purchase health insurance? Why? (Recall that the poverty level for a family of four is about $23,000.)

b. How does your answer to part (a) affect your view about whether we should determine the poverty rate by valuing in-kind transfers at the price the government pays for them? Explain.

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Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level? Defend your position using economic principles.

The response to this question is not as straightforward as it might seem. Consider the poverty level; consider who might actually be impacted by a minimum wage increase. I would also like you to consider your answer from a business perspective. Do you think an increase in the minimum wage will impact your cost structure and the ability to run your business?

Your grade will be determined based upon the answer to the posted question and the additional areas I have asked you to consider.