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When it comes to the goal of eliminating absolute poverty and income inequality, most economists would argue that:

  A. Neither absolute povety nor income inequality should be eliminated
  B. Eliminating absolute poverty is a good goal but income inequality should not be eliminated
  C. They should both be eliminated
  D. Eliminating absolute poverty is not a good goal but income inequality should be eliminated

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Related questions

6. Consider a program to fight poverty that works in this reasonable-sounding manner: the government provides assistance to the poor, but as the poor earn income to support themselves, the government reduces the level of assistance it provides. With such a program, every time a poor person earns $50, the person loses $50 in government support. As a result, the person experiences no net gain for working.

Economists call this problem ___________________.

a. the poverty trap.

b. the debt trap.

c. the poverty circle.

d. the poverty cycle.

Explain the difference between poverty and scarcity.

Explain the difference between poverty and scarcity.

Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled.

• A person can be called poor when they earn an income that does not fully cover all their necessities.

• A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing and shelter.

• Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply.

A number of empirical studies suggest that labor demand is very elastic while labor supply is very inelastic. Assume too that payroll taxes are about 15 percent and legislated to be paid half by the employees and half by the employer.

a) What would happen to worker wages if payroll taxes were eliminated?

b) What would happen to employment costs paid by firms if payroll taxes were eliminated?

c) What would happen to producer and worker surplus if payroll taxes were eliminated? Which measure is relatively more sensitive to payroll taxes? Why?

d) Why might workers not want payroll taxes eliminated?

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