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Assignment: Todaro & Smith - Economic Development 12th edition
Problem set - Chapter 5
1. The following income distribution data are for Brazil.
Quintile Percent Share
Lowest 20% 3.0%
Second quintile 6.9%
Third quintile 11.8%
Fourth quintile 19.6%
Highest 20% 58.7%
Highest 10% 43.0%
(a) Carefully graph the Lorenz curve, labeling the axes.
(b) Explain how to find the Gini coefficient, graphically.
(c) Brazil's national income is about $300 billion. What is the approximate dollar income of the bottom 20%? Bottom 40%?
(d) Brazil's population is approximately 150 million. Suppose that each household makes the average income for its quintile. What is the level of poverty if the poverty line is $400 per capita?
(e) Suppose one percent of national income were transferred from the richest 20% of households to the poorest 20% of households. Show the effect on relative inequality. Under the same transfer, what is the effect on poverty?
Illustrate what are the production elasticities of demand for labor, capital (trucks) and energy. What type of returns to scale is consistent with the above production function.
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The quality of education and welfare services is no longer a matter of purely provincial and local concern. In Canada today, freedom of movement and equality of opportunity are more important than ever before
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Is it true that if an economy consumes all wage income and saves all capital income, the economy will reach Golden Rule level of capital when factors
Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society economic welfare.
What typical measure was adopted to combat the potential abuse of market power by German Telekom? Why would regulation be been necessary? Why not now?
Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery, would you escape the scarcity problem?
Calculate the predicted change in tickets sold if the price were raised to $11. Also elucidate the expected change in total revenue.
How might liability dollarization worsen the financial market disruption caused by a sharp depreciation of the domestic currency against the dollar?
Name them six problems that complicate fiscal policy for policymakers. Please include examples and explanations.
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