Short answer questions. 2. How much is the income share of the top 20% and the top 1% in the US? What is the difference between a progressive tax system and a regressive tax system. . Evaluate the following statement: "State and local government taxes are regressive". Is it true, false, or does it depend? Explain. . Can a tax system be modified to make a flat tax rate to be progressive? How? . Use the concept of "utility of income" to explain an economic justification for income redistribution. . What is the payroll tax in the US, and why is it said to be regressive? . How much is the wealth share of the top 20%, the top 1% and the bottom 50% in the US? . Describe the proposal of "baby bonds" by Darrick Hamilton. What is the conceptual motivation behind it, and how does it connect to equality of opportunity? . Write down the equation of the Oaxaca decomposition for the gender wage gap. a. Indicate what are the two components of the decomposition. b. What is the \"b\" in the notation? c. Can the \"unexplained gap\" be interpreted as a measure of discrimination.? 10. What is the "child penalty"? 11. Explain the theory of compensating differentials to explain the gender wage gap. 12. Discuss the statistical evidence from Kleven indicating that \"social norms play an important role in explaining the child penalty