Posted: March 2nd, 2022
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Learning Goal: I’m working on a economics discussion question and need guidance to help me learn.In comparing the increase in inequality from 1970-2000 with that of a century ago, Saez saysGroup of answer choicesThe level of inequality is much greater todayThe level of inequality was much greater in the pastThe level is about the same as a century ago, but the current inequality is based on labor income rather than capital incomeThe level today is about the same, but the current inequality is based on capital income rather than labor incomeFlag question: Question 2Question 21 ptsPlotting top marginal tax rates against GDP growth, Saez argues that there is Group of answer choicesNegative correlationPositive correlationLittle or no correlationPositive correlation, but only when controlling for initial levelFlag question: Question 3Question 31 ptsRuss Roberts lists three reasons that studies that find stagnation of the middle class may be incomplete or flawed. Which is NOT one of the reasonsGroup of answer choicesThey include the elderlyThey use measures of prices that don’t correctly account for inflationThey leave out important measures of compensationThey define middle class incorrectlyFlag question: Question 4Question 41 ptsThe studies by Julia Isaac and Auten, Gee, and Turner differ in their methods from Piketty and Saez mainly becauseGroup of answer choicesThey don’t include capital gains incomeThey follow individuals over time rather than just looking at a snapshotThey account for different measures of inflationThey account for changes in the tax codeFlag question: Question 5Question 51 ptsRoberts points out that changing three assumptions in Raj Chetty’s study on inequality drastically changes the results. Which is NOT one of the changesGroup of answer choicesAccounting for immigrationCorrecting for family sizeCorrecting for taxes and transfersAssuming the CPI overstates inflation by 0.8 percentage points
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