...2/5/2015 Print Principles of Macroeconomics: Ch 1 Problems and Applications flashcards | Easy Notecards front 1 back 1 a. Money spent on a new car could of been put in saving or used for food, clothing, vacation expenses, education expenses etc. b. When deciding how much money to allocate towards national parks, members of Congress much calculate the tradeoff with other important expenses such as national defense, infrastructure (bridges and roads), social programs, education etc. c. Opening a new factory may limit investments in other projects, operation expenses, capital on hand etc. d. Tradeoffs a professor should consider when deciding how much to prepare for a class include time spent with family, personal activities and research. e. A recent college graduate that goes to graduate school would tradeoff earning money now with a full time job and the money it costs to go to graduate school. Describe some of the tradeoffs faced by each of the following: a. a family deciding whether to buy a new car b. a member of Congress deciding how much to spend on national parks c. a company president deciding whether to open a new factory d. a professor deciding how much to prepare for class e. a recent college graduate deciding whether to go to graduate school front 2 back 2 The benefits of a vacation will vary from person to person. You are trying to decide whether to take a vacation. Most of Most people associate a vacation with relaxation, peace and a...
Words: 2225 - Pages: 9
...Chap 1 for Grade 2012 in international school True/False Indicate whether the statement is true or false. ____ 1. Economics is the study of how evenly goods and services are distributed within society. ____ 2. Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff. ____ 3. Efficiency means everyone in the economy should receive an equal share of the goods and services produced. ____ 4. Equality refers to how the pie is divided, and efficiency refers to the size of the economic pie. ____ 5. Government policies that improve equality usually increase efficiency at the same time. ____ 6. An individual deciding how to allocate her limited time is dealing with both scarcity and trade-offs. ____ 7. Tuition is the single-largest cost of attending college for most students. ____ 8. A marginal change is a small incremental adjustment to an existing plan of action. ____ 9. If the average cost of transporting a passenger on the train from Chicago to St. Louis is $75, it would be irrational for the railroad to allow any passenger to ride for less than $75. ____ 10. A rational decisionmaker takes an action if and only if the marginal cost exceeds the marginal benefit. ____ 11. A tax on gasoline is an incentive that encourages people to drive smaller more fuel-efficient cars. ____ 12. Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity. ____ 13. Trade with any nation...
Words: 2230 - Pages: 9
...1. What is the US view of poverty and what policies do US policymakers pursue to minimize the effects of policy? - Some policies are that there are different programs to help, such as job training, food stamps (SNAP), monetary help (TANF), medical help and the Women, Infant and Children's program (WIC). 2. Define equality. - People with the same circumstances are treated equally. 3. Define equity. How do equality and equity differ and why? - Equity is the concept of fairness in the labor market/economy. It relates to the distribution of wealth. The difference is with equity, the individuals situation is coming into play but is still in the realm of being treated like everyone else. 4. Define efficiency. How does equality and efficiency differ and why? - Efficiency is condition in which all mutually beneficial transactions have been concluded. 5. What is a more accurate measure of well-being? - Work-life balance is a more accurate measure of well-being, basic neccessities to support life: such as food, water and housing. 6. Can inequality be positive for society and/or the economy? Provide a real world answer to support your answer. - Inequality can be a positive thing for both. Yes, those not being treated equally can potentially gain something from it. An example is working a 40-hour week and then working a few more hours resulting in over-time pay. 7. What are the costs of inequality? Provide a real world answer to support your answer. - A few of...
Words: 479 - Pages: 2
...dynamic topic. The first section provides a brief definition of progressive taxation in contrast with other forms of taxation. It also discusses the most dominant for and against arguments both from a theoretical and an empirical point of view. The second section provides a case study of progressive income taxes in a leading industrial and developed country; the US. The third section provides a comparative study from Brazil; an emerging economy that has recently adopted progressive taxation. Based on the theoretical analysis and the two case studies, the paper concludes by providing policy recommendations that should be implemented in order to complement progressive taxation and gain the best and most balanced results in terms of equality, efficiency and revenues. Finally taxation is only part of the economic equation; proper efficient tax system is only one step forward towards creating equal opportunities through proper government support programs. In order to achieve the best results out of progressive taxation, it has to be combined with extensive targeted government social and welfare programs. Also monitoring is needed for the efficient and purposeful expenditure of government revenue. INTRODUCTION A progressive income tax rate is one in which the marginal tax rate...
Words: 4032 - Pages: 17
...This philosophy promotes individualism, freedom, equality, popular choice, and limited government. American society strongly believes in restricted government and free market. Stone uses almost the same framework to describe policy values adding efficiency, welfare, and security to the list. Medicaid expansion, an extension of traditional Medicaid, provides coverage to working class poor people. Following is a brief analysis...
Words: 661 - Pages: 3
...Question 8; a-f 8a. Regulating cable TV prices: Efficiency- This government policy corrects the market failure of market power, or a monopoly, that is often associated with the cable TV industry. 8b. Providing some poor people with vouchers that can be used to buy food: Equality- A difference in economic well-being means that poor people are not able to have access to necessities such as food. Granting vouchers to these individuals helps equally distribute economic shares. 8c. Prohibiting smoking in public places: Efficiency- Science has proved the dangers and health hazards associated with smoking. Because of these negative connotations, this government policy reflects efficiency, relating to a negative externality market failure. One person smoking in public can have a affect on another person who is also n the premise; hence smoking provides a negative externality on bystanders. 8d. Breaking up standard oil into several smaller companies: Efficiency- By breaking up the oil industry into smaller parts, society gets more benefits from its scarce resources. This policy corrects the market failure caused by a market power, or monopoly, in the oil industry. 8e. Imposing higher personal income tax rates on people with higher incomes: Equality- This government policy is helping to more evenly distribute economic well being throughout society. 8f- Instituting laws against driving while intoxicated: Efficiency- Drunk driving is an example of a negative externality...
Words: 266 - Pages: 2
...Gender, equality, poverty and economic growth Gender equality in third world countries still remains poor in comparison to other well-developed countries. Third World Countries with religious subjectivity, rural factors and civic liberties are contributing to a gender gap in education and income possibilities of women in these countries (Sen, 2009). What these countries must realize is that women are the key to the global economic recovery of their countries. Unlocking the potential of women by narrowing the gender gap is the key to developing a Third World Countries economic efficiency. More and more women in third world countries are realizing that education is a key development in their lives, households and economies. Many of the women feel that gender equality when it comes to education is important in its own right (Sen, 2009). One of those women who advocate this education equality principle is Nobel Peace Prize winner and Liberian President Ellen Johnson Sir Leaf who strongly believes that education should be a right for both men and women. When asked about public resources in Liberia she went onto explain that her country is learning that changes in educational policies must occur in order to facilitate economic growth in their country. She stated that, “policies reflect equal opportunity, equity and allocation of public resources is not directed toward an elitist group and favorite few.” She claims that education should be a right of passage for everyone...
Words: 830 - Pages: 4
...you work. You work longer, pay more in and benefits ultimately increase. B) how does the reduction in benefits associated with higher earning affect people incentive to work past age 65? When the benefites are reduced (like an increase in the age you can start collecting ... or a decrease in the inflation adjustment) then the dependants of SS will find they do not have enough money to pay their bills. This will entice many to find employment to compensate for what they cannot purchase (medicines, rent, food, etc. 8) a concern about equality or a concern about efficiency in the case of efficiency discuss about efficiency in the case of efficiency a. This shows the government's concern about efficiency. The market failure involved is due to market power where small group of persons or a single person influences market prices. b. This shows the government's concern about equality. c. This shows the government's concern about efficiency. The market failure involved is known as an...
Words: 2226 - Pages: 9
...Women in development (WID)[edit] Theoretical approach The term “women and development” was originally coined by a Washington-based network of female development professionals in the early 1970s[3] who sought to put in question the trickle down theories of development by contesting that modernization had identical impact on men and women.[4] The Women in Development movement (WID) gained momentum in the 1970s, driven by the resurgence of women's movement in northern countries, whereby liberal feminists were striving for equal rights and labour opportunities in the United States.[5] Liberal feminism, postulating that women's disadvantages in society may be eliminated by breaking down stereotyped customary expectations of women by offering better education to women and introducing equal opportunity programmes,[6] had a notable influence on the formulation of the WID approaches, whereby little attention was given to men and to power relations between genders.[5] The translation of the 1970s feminist movements and their repeated calls for employment opportunities in the development agenda meant that particular attention was given to the productive labour of women, leaving aside reproductive concerns and social welfare.[5] Yet this focus was part of the approach pushed forward by advocates of the WID movement, reacting to the general policy environment maintained by early colonial authorities and post-war development authorities, wherein inadequate reference to the work undertook by...
Words: 4483 - Pages: 18
...2015). People must understand how the markets, trade, and government can affect items like inflation, investing, and their standard of living. Frequently, the government will interfere with the natural flow of the supply and demand curve creating ripples in the economy that will take years to readjust to normalcy. Resources, interdependence and the supply and demand curve People and governments must decide what to spend money on, and that decision always comes with a tradeoff (Mankiw, 2015). The text notes that one trade off is between efficiency and equality. Efficiency is getting the most it can from the scarce resources and equality is ensuring the resources are distributed among all members of the society. Where one person may choose to pay more for a home, another person may choose a lesser home to have the ability to travel more. When government gets involved the tradeoffs are the goals of efficiency and equality often find conflict. Countries and governments are becoming increasingly interdependent, and it has tradeoffs (Mankiw, 2015). Interdependence allows for all areas of the world to maintain a standard of living, produce goods, and trade with other communities around the world. When all economies are interconnected, and those economies are doing well- all is great. However, if the tides turn and a single economy start to have issues with markets, inflation, and cost of living the interdependence may affect the countries who thought all was...
Words: 750 - Pages: 3
...[pic] ADVANTAGES OF GOOD GOVERNANCE IN A COUNTRY Governance definition varies from an institution to another, an author to another and from one setting to another. This paper intertwines various definitions of governance as a basis of understanding good governance, outlines the principles of good governance, and discusses the advantage of good governance based on six key principles with variance examples across the continent. 1.1 INTRODUCTION Governance refers to the manner in which public officials and public institutions acquire and exercise the authority to provide public goods and services, including the delivery of basic services, infrastructure, and a sound investment climate (World Bank, 2007). It is also the exercise of power or authority; political, economic, administrative or otherwise to manage a country's resources and affairs (Kefela, 2011). The United Nation (2008) has defined governance in terms of process of government action and how things are done, not just what is done. Governance covers the quality of institutions and their effectiveness in translating policy into successful implementation, which includes the mechanisms, processes and institutions through which citizens and groups articulate their interests, exercise their legal rights, meet their obligations and mediate their differences (Kefela, 2011). The referred institutions are the bodies setting formal rules (property rights, rule of law etc) while taking...
Words: 3412 - Pages: 14
...standards among different stages of society starting with the system of slavery through today’s current society. I. History overview/ Employment II. Labor Law III. Who are employees A. Why important Annotated Bibliography: Bagenstos, S. R. (2013). EMPLOYMENT LAW AND SOCIAL EQUALITY. Michigan Law Review, 112(2), 225-273. “What is the normative justification for individual employment law? For a number of legal scholars, the answer is economic efficiency. Other scholars argue, to the contrary, that employment law protects against (vaguely defined) imbalances of bargaining power and exploitation. Against both of these positions, this Article argues that individual employment law is best understood as advancing a particular conception of equality. That conception, which many legal and political theorists have called social equality, focuses on eliminating hierarchies of social status. This Article argues that individual employment law, like employment discrimination law, is justified as preventing employers from contributing to or entrenching social status hierarchies-and that it is justifiable even if it imposes meaningful costs on employers. This Article argues that the social equality theory can help us critique, defend, elaborate,...
Words: 364 - Pages: 2
...Question 2 I will firstly define concepts of efficiency and equity. We say that particular allocation if efficient if resources (which are scarce) are allocated towards those who get greater utility from them. If those individuals are receiving greater utility for them, the maximum price at which these resources will still be bought (MPC=MB) can be pushed higher raising the total social utility (greater utility of consumers and greater utility of sellers due to higher prices). Equity (also known as economic equality) refers to the idea of fairness in economics. This principle can be easily demonstrated of example of taxation. Only those taxes are seen as economically fair which take away same proportion of individuals income: both poor and rich are affected in the same way. However, if we speak about fixed amounts taxes then certain theoretical sum can take up to 50% of income of some families, while for more wealthy individuals this sum ay amount only to 1%: as the result their life chances are affected differently. The interaction between equity and efficiency will depend on the way we define utility in our model. The congestion charge assessment is built around value of time. We want to put monetary value on the time we lost in journey times: that way we can derive benefit from saved time due to car journey. The value we put on time is opportunity cost of that time: in case of work-related travel that will be money that could have earned over that time =...
Words: 533 - Pages: 3
...Two Models of the Criminal Process HERBERT L. PACKER Source: Reprinted from The Limits of the Criminal Sanction by Herbert L. Packer, with the permission of the publishers, Stanford University Press. ( 1968 by Herbert L. Packer. In one of the most important contributions to systematic thought about the administration of criminal justice, Herbert Packer articulates the values supporting two models of the justice process. He notes the gulf existing between the "Due Process Model" of criminal administration, with its emphasis on the rights of the individual, and the "Crime Control Model," which sees the regulation of criminal conduct as the most important function of the judicial system. T wo models of the criminal process will let us perceive the normative antinomy at the heart of the criminal law. These models are not labeled Is and Ought, nor are they to be taken in that sense. Rather, they represent an attempt to abstract two separate value systems that compete for priority in the operation of the criminal process. Neither is presented as either corresponding to reality or representing the ideal to the exclusion of the other. The two models merely afford a convenient way to talk about the operation of a process whose day-to-day functioning involves a constant series of minute adjustments between the competing demands of two value systems and whose normative future likewise involves a series of resolutions of the tensions between competing claims. I call...
Words: 8195 - Pages: 33
...Gender equality and equity are useful aspects in the development of communities. The importance of gender equality is underscored by its inclusion and recognised globally as one of the eight Millennium Development Goals. In this writing the writer would first define terms gender equality and equity. The writer is going to dwell much on issues like income generating projects, education, health services, politics, family issues, and religion which are some of the useful aspects that promotes community development. Gender equality is, first and foremost, a human right. According to Momsen (2004), gender equality means equal valuation of men and women and sameness in the enjoyment of rights, power, opportunities, treatment, and control of resources between male and females in the society. P (2007) congruently agrees with Momsen when depict Gender equality, as that men and women should receive equal treatment, unless there is a sound biological reason for different treatment. This concept is a key factor in the development of communities, where the ultimate aim is to provide equality in law and equality in social situations, especially in democratic activities and securing equal pay for equal work. Momsen (2004) went on to define gender equity as a process of achieving fairness and justice among men and women in distribution of opportunities, responsibilities and resources as well as accessing and controlling benefits from these resources. Kaiser (2005) as well defines gender...
Words: 860 - Pages: 4
