1.Explain how welfare creates work disincentives. 2.Education is often used as an example of a positive externality. Are the external benefits greater for elementary, secondary, or college education? Explain. 3.Explain the changes in welfare caused by the "Personal Responsibility and Work Reconciliation Act" of 1996. 4. Explain how property rights and negative externalities are related. 5.How is the life-cycle pattern of income related to the measurement of income equality at a point in time? What are the differences between social insurance programs and income assistance programs?
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