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Micro Chapter 23

QuestionAnswer
Income distribution by quintiles is presented using the Lorenz curve Gini ratio
Income mobility: people change ______ ____ or ____ income is not a permanent condition people change quintiles Low or high income not a permanent condition.
Government redistribution: Taxes Cash transfers and non-cash transfers
What does the Lorenz curve show? The income or wealth inequality within an economy
How does the Gini Ratio show income inequality? (What does a Gini coefficient of 0 and 1 represent) 0 = perfect equality 1 = perfect inequality
Causes of income inequality: SED Skills/ability Education & training Discrimination
Examples of non-cash transfers: Medicaid, subsidized school lunches, SNAP benefits
Income inequality over time: a situation of the rich... getting richer faster than the poor get richer
Causes of growing inequality: Greater demand for highly ______ ______ ______ changes International _____, _______, and a decline in ______ Greater demand for highly skilled workers Demographic changes International trade, immigration, and decline in unionism
Equality vs Efficiency: there is always gonna be... (always gonna be winners and losers) a tradeoff of having one or the other
Equality vs Efficiency: The case for equality: M_____ ______ ______ The case for inequality: I_____ and E______ (The equality-efficiency trade-off) Maximizing total utility Incentives and efficiency
Economics of Poverty: In 2020: ____% In 2024: ____% 2020: 11.4% 2024: 10.6%
Measurement Issues: Arbitrary ______ threshold Minimal income needs can vary from _____ to _____ _______ _______ not counted as income Arbitrary income threshold Minimal income needs can vary city by city Noncash benefits not counted as income
The U.S. Income-Maintenance System: ______ programs: all those eligible receive aid Social _______ programs Public _______ programs Entitlement programs Social insurance programs Public assistance programs
Social insurance programs: S_____ ______ and M______ designed to partially replace ____ that have been lost due to ____, _____, or ______ ______ _______ insurance Social Security and Medicare Unemployment insurance designed to partially replace earnings that have been lost due to retirement, disability, or temporary unemployment
Public Assistance Programs: _____ ____ Income (___) ____ ____ _____ Program (____) M____ E____-_____ ___ _____ (____) Supplemental Security Income (SSI) Supplemental Nutrition Assistance Program (SNAP) Medicaid Earned-income tax credit (EITC)
Economic Analysis of Discrimination Taste-for-discrimination model: Prejudiced people receive d_____ D______ coefficient Prejudice and the market A_____-_____-__-____ wage ratio Prejudiced people receive disutility Discrimination coefficient Prejudice and the market African-American-to-white wage ratio
Economic Discrimination: when you are given ____ treatment due to ____, ____, ____, etc. Discrimination bias gets in the way of achieving ____ ____ worse treatment; race, religion, gender, etc. economic efficiency
Statistical Discrimination: Judged on average ____ ______ _____, undesirable, but not ______ Ex: higher car insurance rates for young ____ based on belief of them being more likely to ______ _____ Judged on average group characteristics Profitable, undesirable, but not malicious for young males; belief that they are more likely to recklessly drive
Occupational Segregation: crowding certain groups into ____-______ occupations Ex: the notion that only men can be _____ and women should be ____ less-desirable occupations the notion that only men can be doctors and women should be nurses
Public assistance programs: welfare
Created by: Phillies55
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