Economic Ideas 110G

Response Paper #2

Your paper should be about 2-3 pages, double-spaced.

What is GDP? How is it measured? Look up on the web GDP per capita by country. How does the US rank? What are the lowest and highest ranking countries?

One of the problems with GDP per capita as a measure of well-being is that it tells us nothing about income distribution. Explain.

The gini index is a measure of income distribution, with lower numbers indicating more equal distribution of income in a country. Look up the Gini index by country. Which countries have the lowest and highest indices? How does the US rank?

Sources of data are the World Bank, the International Monetary Fund (IMF), and the Central Intelligence Agency (CIA).

Response Paper #3

Please write an essay of 2-3 pages addressing the following topic. Based on the chapters 12 and 13 from Economics Explained, discuss the ways in which markets can fail to allocate resources in a socially desirable manner.

(Readings will be attached in a separate file for this question.)

Homework Paper #4

Using data from the website inequality.org on wealth and income distributionin the US over time, discuss how income distribution and wealth distribution have changed since the end of WWII to the present.

Answers should be around three pages. Use citations and provide actual numbers.

Economics Explained ch 1,5,12,13

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Q1. Using data from the website inequality.org on wealth and income distribution in the US over time, discuss how income distribution and wealth distribution have changed since the end of WWII to the present.

Before we jump in to the main topic, perhaps I will start by explaining what income entails. Income is a revenue channel which one gets from wages, salaries, rent, profit from trading, that is, selling something, interest you get from savings account as well as dividend from shares of stoke. And now moving to income inequality which can be defined as uneven distribution of income among population…

APA1397 words