What is one of the major welfare challenges today and how is it being tackled in the United States?
What will be an ideal response?
The major welfare challenge is households headed by single mothers The poorest people in the United States are young, minority women who have not completed high school, have one or more dependent children, and live without a spouse. The Temporary Assistance for Needy Families (TANF) program is the current attempt to meet this challenge. TANF is a block grant paid to the states, which administer payments to individuals. It is not open-ended. Adults receiving assistance must work or perform community service. There is a five-year limit for assistance.
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The deadweight or social loss of monopoly:
a. is representative of production inefficiency. b. reflects a transfer from consumer surplus to monopoly profit. c. is representative of the low sales resulting from the high price charged by the monopolist. d. reflects that part of lost consumer surplus which is not transferred to monopoly profit.
Regarding income distribution and the distribution of wealth
A) wealth is a stock concept and income a flow concept. B) a stock is evaluated at a given moment in time; a flow is evaluated during a period of time. C) income, a flow, can be viewed as a return on wealth. D) All of the above are correct.