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In: Economics

1. In country A, the population is 330 million and 100 million people are living below the poverty line. What is the poverty rate?

1.  In country A, the population is 330 million and 100 million people are living below the poverty line. What is the poverty rate?

2. In country B, the population is 127 million and 19 million people are living below the poverty line. What is the poverty rate?

3. Imagine federal legislation is passed granting every U.S. resident a $20,000 per year universal basic income. No matter the income an individual earns from working, this $20,000 per year level of government support will never reduce. Now suppose Rodrigo is considering his work and leisure choices for the year. Rodrigo earns $15 per hour working and can work up to 2,000 hours during the year. With the information provided, fill in the table below (for a related example, see table 15.4 in our textbook).

Amount worked (hours) Total earnings from work Government support Total income
0 0 $20,000 $20,000
500   $20,000  
1,000   $20,000  
1,500   $20,000  
2,000   $20,000  

 

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Rahul Sunny answered 2 years ago
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