« previous next »

Author Question: How has income inequality changed in recent years? What factors account for the changes? What ... (Read 210 times)

Chloeellawright

  • Hero Member
  • *****
  • Posts: 588
on: Jun 29, 2018
How has income inequality changed in recent years? What factors account for the changes?
 
  What will be an ideal response?

Question 2

As Jake consumes more sodas over the course of a day, it is likely that his marginal rate of substitution of sodas for other goods will rise. Is the previous statement correct or incorrect?
 
  What will be an ideal response?


aruss1303

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Jun 29, 2018
Answer to Question 1

Over the last couple of decades, income inequality has increased. In recent years, higher income groups have gained relatively more than the lower income groups, perhaps because of rapid technological progress. These technological advances have benefited the better educated more than the less educated.

Answer to Question 2

The statement is incorrect. The principle of diminishing marginal rate of substitution means that as Jake consumes more sodas, he is willing to give up fewer other goods in order to get an additional soda.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

“Mission Accomplished” proclaimed the banner on the USS Abraham Lincoln, where on May 1, 2003, Presi “Mission Accomplished” proclaimed the banner on the USS Abraham Lincoln, where on May 1, 2003, Presi
Technology has changed our lives fundamentally. The connection to each telephone call used to have ... Technology has changed our lives fundamentally. The connection to each telephone call used to have ...
From this 1946 photo, you can see how computers have changed. This is the ENIAC, the world’s first ... From this 1946 photo, you can see how computers have changed. This is the ENIAC, the world’s first ...
Major three factors of blood pressure. Major three factors of blood pressure.
Climate change occurs over millions of years Climate change occurs over millions of years
Philip wants to supplement his pension by $415 per month with income from his investments. His ... Philip wants to supplement his pension by $415 per month with income from his investments. His ...
Video: Dietary Cholesterol & LDL

For a complete list of videos, visit our video library