Instructions:1. Refer to the MCONNEL TEXTBOOK CHAPTER 23. DON'T USE ANY OTHER SOURCESDescribe the distribution of income in the United States by personal income categories by households and quintile distribution by households.Explain how a Lorenz curve is used to describe income inequality.Define Gini ratioList seven causes of an unequal income distribution.State and evaluate the cases for and against income inequality.Define poverty as the Federal government does.Identify the rate of poverty in the U.S., and the incidence of poverty for various demographic groups, including African Americans, Hispanics, and female-headed households; identify some of the reasons for the poverty of each group.Define social insurance.Describe the major social insurance programs.What is a public assistance program? Describe the major public assistance (welfare) programs.

A Lorenz curve could be a graphical representation of income inequality or wealth inequality. The…

Answered: Explain how a Lorenz curve is used to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Instructions:

1. Refer to the MCONNEL TEXTBOOK CHAPTER 23.

DON'T USE ANY OTHER SOURCES

Describe the distribution of income in the United States by personal income categories by households and quintile distribution by households.
Explain how a Lorenz curve is used to describe income inequality.
Define Gini ratio
List seven causes of an unequal income distribution.
State and evaluate the cases for and against income inequality.
Define poverty as the Federal government does.
Identify the rate of poverty in the U.S., and the incidence of poverty for various demographic groups, including African Americans, Hispanics, and female-headed households; identify some of the reasons for the poverty of each group.
Define social insurance.
Describe the major social insurance programs.
What is a public assistance program? Describe the major public assistance (welfare) programs.

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