Arapahoe ECONOMICS 202 -M 4 Written Homework Assignment

Module 4: Written Homework Assignment Instructions60 PointsOverviewComplete the following Module 4 Written Homework Assignment for this module by the stated duedate on the Schedule. Please submit in the Module 4 Written Homework AssignmentDropbox as a .doc, .docx, .pdf or .rtf file. InstructionsComplete the following questions in the form of short essays. Each question is worth 10 points. Besure to cite your references. Type all responses following each question on this assignment pageand submit to the Dropbox.1. How rich are the rich? Wealth statistics on the very rich are compiled every year by Forbesmagazine.Answer the following questions:a. Carefully define wealth, differentiating it from income. Which of these two are moreunequally distributed in the US? Why?b. Find out who are the richest in the US and world at Forbes….:http://www.forbes…./i. Choose lists, then “400 Richest Americans.”ii. Select ten individuals for study at random.iii. List and explain your 10 individuals and explain how much wealth they eachown. (Make certain that your units are correct.) How did they achieve thiswealth?c. Based on your sample, explain what percentage of individuals gained this wealththrough inheritance and what percentage through entrepreneurship. 2. For this question, you will be internet searching for some information on the labor market.Begin by searching for information on current trends in the US Labor Markets and answerthe following 2 questions:a. Has overall employment been rising or falling during the most recent year? Whatfactors might account for this pattern?b. Have US workers’ wages been rising or falling during the most recent year?Now you will be searching for some information on the minimum wage. Using the U.S.Department of Labor website: or any other sites you wish to use, determineinformation about the minimum wage. 1 Module 4: Written Homework Assignment Instructions60 PointsAnswer the following questions:c. What is the current minimum wage in the U.S?d. What is the minimum wage for workers who receive tips?e. What is the current minimum wage for the state that you live in?f. Why was the minimum wage law first enacted? g. What are the arguments for and against raising the minimum wage? 3. Find an article describing poverty, poverty rates or the government programs availablefalling under the poverty level. Use the article to fulfill the following instructions andquestions:a. Copy and paste your article in to your assignment.b. Summarize the passage in your article into one or two paragraphs.c. Describe possible government programs that are available for individuals fallingunder the poverty leve.d. In you summary, also address your own opinions on your selected article and youropinion in support or against the information you have found. 4. Examine the following marginal costs and marginal benefits associatedwith air cleanliness in a given locale: Quantity ofClean Air(%) Marginal Cost ($) Marginal Benefit ($) 0 50,000 600,000 20 150,000 360,000 40 200,000 200,000 60 300,000 150,000 80 400,000 120,000 100 Infinite 0 2 Module 4: Written Homework Assignment Instructions60 Pointsa.b.c.d. How do we determine the optimal quantity of clean air?What is the optimal degree of air cleanliness for this example?What is the optimal degree of air pollution for this example?Suppose that a state provides subsidies for a company to buildi. plants that contribute to air pollution. Cleaning up this pollution causes themarginal cost of air cleanliness to rise by $210,000 at each degree of aircleanliness. What is the optimal degree of air cleanliness after this change?e. Why would we not just want the percent of pollution to be zero? 5. Using the historical tables from the Budget of the US government, determine where the USgovernment allocates its expenditures. The website is Examine Table 3.1 on Outlays by Superfunction and Function. Consider whatgovernment functions have been capturing growing shares or declining shares ofgovernment spending in recent years.b. Select one of the government functions and describe in a brief summary whether ithas seen an increase or decrease in government spending over the past 10 to 15years. For the function you have selected, is it related to the problem of addressingexternalities, providing public goods or dealing with other market failures. Does itappear to be related to political functions instead of economic functions? 6. Read the following article:Desperate from Drought, California Turns to Desalination…./news/articles/2015-04-08/california-sees-salvation-inseawater-as-drought-drags-onAnswer the following questions:a.b.c.d. Describe the process of desalination.Are there any negative externalities associated with the process of desalination?In what ways do you feel residential water usage can be reduced?How do you feel economic development in California may be impacted if the droughtcontinues? Make sure you use correct spelling, grammar, etc.Please see the Course Schedule and Course Rubrics pages in the Syllabus Module for duedates and grading information. 3

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