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- How does a society or a country make the decisionabout the tradeoff between equality and economicoutput? Hint: Think about the political system.How can profit motive lead to income inequality? (Pages 33 – 35) pages 33 Investment is necessary but risky. It has already been establishedthat capitalism is the most effective and efficient system for wealthcreation and economic prosperity. The path to economic successconsists in investment that is guided by supportive governmentpolicies and institutions. The success of capitalism, in turn, isderived from the success of business enterprises in their roles asjob creators and income-generating agents. However, investmentrequires enormous risk and sacrifice, along with one’s willingnessto undertake such risky ventures, which are based on the potentialreturns on the investment capital. A successful investor must notonly possess organizational and managerial skills, but he or shemust also be willing to take enormous risks. Tanner (2016) madethe point that one of the prerequisites for economic growth isto have individuals who are ambitious, skilled risk-takers andwho are ever striving for…What accounts for the rapid growth in the number ofolder Americans?
- Please choose the correct Radical interpretation of this graph: Leee Carme According to Radicals, O the inequality reflects both contribution and opportunity, and is therefore only partially equitabie. the incquality is proof that we should embrace capitalism. and fix inequality through, among other commitments, creating profit incentives to work hard. the inequality reflects the difference in contribution, and is therefore equitable. the inequality is proof that we should embrace democratic socialism, and fix inequality through. among other commitments. fostering healthy communities.Is the convergence of globalization and technology likely to produce more or less inequality? why?How is inequality bad for the economy?
- Which set of policies is more likely to cause a tradeoff between economic output and equality: policies of redistribution or policies aimed at the ladder of opportunity? Explain how the production possibility frontier tradeoff between economic equality and output might look in each case.What is Mixed Economic System?In which type of economy is there most likely to be an unequal distribution of wealth? A-Pure Market B-Pure Command C-Socialist D-Traditional
- How does a society or a country make the decision about the tradeoff between equality and economic output? Hint: Think about the political system.Why social entrepreneurship plays an important role in the poverty reduction of the country?Does Income Inequality Impair the American Dream? Elaborate in 8 sentences min.