Inequality Definitions and Story Work

Edit Answers
1234567891011121314151617181920212223
Across
  1. 2. the income of the household lying in the middle of the income distribution
  2. 3. a number that summarizes a country's level of income inequality based on how unequally income is distributed
  3. 4. a payment designed to correct for the inefficiencies of external benefits
  4. 5. a good that is rival and nonexcludable in consumption: you can't stop others from consuming the good, and when they consume it, less of the good is available for you
  5. 11. the average income across all households
  6. 13. wage differences across jobs that reflect the fact that some jobs are less pleasant or more dangerous than others
  7. 14. a program that supplements the income of low-income workers
  8. 16. a program that is available only to individuals or families whose incomes fall below a certain level
  9. 20. organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively
  10. 21. shows the percentage of all income received by the poorest members of the population, from the poorest 0% to the poorest 100%
  11. 23. occurs when regulators set a monopoly's price equal to its marginal cost to achieve efficiency
Down
  1. 1. rules that protect the environment by specifying limits for, or actions by, producers and consumers
  2. 6. taxes designed to correct for the inefficiencies of external costs
  3. 7. a good that is excludable but nonrival in consumption
  4. 8. a benefit given in the form of goods or services
  5. 9. when the outcome in a market is inefficient
  6. 10. the minimal annual income that is considered adequate to purchase the necessities of life
  7. 12. problem the problem that goods that are nonexcludable suffer from; individuals have no incentive to pay for their own consumption and instead will "free-ride" on anyone who does pay
  8. 15. occurs when regulators set a monopoly's price equal to its average cost to prevent the firm from incurring a loss
  9. 17. a good that is both nonexcludable and nonrival in consumption
  10. 18. when the parties involved in a transaction, such as buyers and sellers, hold different information
  11. 19. the percentage of the population with incomes below the poverty threshold
  12. 22. wages that exceed the market equilibrium wage rate; employers use efficiency wages to motivate hard work and reduce worker turnover.