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- The data in the table below shows the income of some random people in Massachusetts. If these were the only people in Massachusetts what is the average (absolute) difference in income among all the pairs? nаme Pre-tax income Mayor Wu $20 Tom Brady $120 Matt Damon $60 QUESTION 12 (continued) What is the Gini coefficient for Massachusetts?Table: Income Distribution in Four Countries provides recent data from the World Bank on the distribution of income in four countries. Percent income top quintile Percent income middle three quintiles combined O Bangladesh. Costa Rica. Table: Income Distribution in Four Countries Bangladesh El Salvador 41.4% 46.4% O Mexico. 50.0% 47.7% 8.6% Percent income bottom quintile Based on the data, the country with the distribution of income that is closest to equal is: El Salvador. Mexico 50.1% 5.9% 44.2% Costa Rica 54.0% 5.7% 41.8% 4.2%Economists experience difficulties in accurately measuring income inequality because of which of the following? Choose one or more: A. The Gini index calculation discriminates against the poor in developed economies. B. Government programs are inefficient and difficult to monitor. C. large, underground economies that lack the reporting of income to the government D. Measurements tend to use "before tax" income, not "after tax" income (disposable income), which is the income people actually have available to purchase goods and services. E. The population size of an economy impacts the distribution of data, causing large economies to show more inequality than smaller economies. F. do-it-yourself production of goods and services (such as growing own food or making own clothing) that are not bought or sold in the market G. in-kind transfers where goods and services are given as aid to the poor instead of cash
- What is a common way to measure income inequality? Group of answer choices A)Dividing ranked households into equal groups. B)Compare the incomes of the highest income people to the incomes of the lowest income people on a monthly basis. C)Use the IRS data to compare the income of the 20 highest income people to the income of the 20 lowest income people. D)Compare the purchasing power of the highest income people to the purchasing power of the lowest income people.Question 12 The following income distribution data are for Lesotho: Quintile Lowest 10% Lowest 20% Second quintile Third quintile Fourth quintile Highest 20% Percent Share 2.2% 3.0% 7.2% 12.5% 21.0% 56.3% Explain how to find the Gini coefficient, graphically. (Hint: You might want to use labels on your graph). You should be able to draw a graph on your computer, save it as a graph, picture, or document, and upload that graph, picture, or document to your answer box. If you cannot do that, you can always draw a graph on paper, take a picture, and upload the picture to your answer box.6. omi Instructions: Use the interactive tool to plot Lorenz curves for the information in the table. Chack my Quintile of 1st Population Quintile's % of Income, Croatia, 2000 2nd 3rd 4th 5th 8 13 17 22 40 Quintile's % of Income, Croatia, 2010 14 18 22 37 es Quintile's % of Income, United States, 2010 5 10 14 20 51 United States data from the Congresslonal Budget Office at CBO.gov. Before-tax Income, rounded to whole %s. Data for other countries from WorldBank.org, rounded to whole %s. Report your answers to two decimal places. According to these data, the Gini coefficient for Croatia in 2000 is
- Attempts Keep the Highest/1 8. Measuring income inequality Every year, the U.S. Census Bureau conducts an income survey of about 60,000 American families that are carefully selected to represent the whole population. The data collected are used to measure income inequality. Which of the following is a reason that census data may overstate income inequality? O Census data count all cash and noncash transfers as income. In-kind transfers, such as food stamps, Medicaid, and housing assistance, are not counted as income. O Census figures record after-tax rather than before-tax income.How is absolute poverty measured, in comparison to the distribution of national income? Write down a statistic for each measurement. List 3 countries in Latin America with extremely high rates of absolute poverty and 3 countries with very high income inequality. What are 2 factors which may have increased absolute poverty rates throughout the region’s history? Finally, provide 2 factors which have increased income inequality in Latin America throughout its history.Suppose there are 3 households in each society. This table shows income for poor, middle, and rich household, average income for all households, and the Gini coefficient for 4 societies. Based on this table, which of the following is true? (Select all that apply.) Society A Society B Society C Society D оооо Household Income Poor Middle Household Household 20,000 15,000 25,000 30,000 40,000 40,000 40,000 40,000 Rich Household 75,000 100,000 200,000 10,000,000 Society D has the most unequal income distribution. Society A has the most equal income distribution. Society D has the highest overall average income. Society A has the lowest overall average income. Average Income 45,000 51,667 88,333 3,356,667 Gini coefficient .27 .37 .44 .66
- The following table shows income distribution data for 2015 and 2020 from the World Bank in Colombia and Dominican Republic respectively Quintile Colombia Colombia Dominican Republic Dominican Republic 2015 2020 2015 2020 Lowest 20% 3.8 2.8 5 6.2 Second 20% 7.9 7.4 9.3 10.7 Third 20% 12.5 11.9 13.8 14.9 Fourth 20% 20 19.6 20.9 21.7 Highest 20% 55.8 58.3 51 46.5 1. Consider a 12-person economy where the individuals are employed equally across thesectors. If the modern urban wage = £8, the informal urban wage = £3, and the traditionrural income = £1, what is the squared poverty gap index (P2) given that the poverty line= £1.25? Suppose that rural income now rises to £2, other things being equal, how wouldyou characterise and show this type of growth?Actual Distribution of Wealth in the US Source: Adapted from the video "Wealth Inequality in America," 2012. Note: This document uses 2009 data. As of 2017, this inequality had only become greater. In this graph, the population of 300-plus million Americans is reduced to a representative group of 100 people. So, each person in this image represents 1% of the population. This group of 100 people has been lined up according to their wealth, poorest people on the left, wealthiest on the right. These 100 people have been shaded based on which 20% quintile they fall into. Then, the total wealth of the United States, which was roughly $54 trillion in 2009, was distributed among our 100 Americans. The poorest Americans don't even register, they are down to pocket change, and the middle class is barely distinguishable from the poor. 1% of America has 40% of all the nation's wealth, the bottom 80% only has 12% between them. The top 1% own half the country's, stocks, bonds and mutual funds. The…How can profit motive lead to income inequality? (Pages 33 – 35) pages 33 Investment is necessary but risky. It has already been establishedthat capitalism is the most effective and efficient system for wealthcreation and economic prosperity. The path to economic successconsists in investment that is guided by supportive governmentpolicies and institutions. The success of capitalism, in turn, isderived from the success of business enterprises in their roles asjob creators and income-generating agents. However, investmentrequires enormous risk and sacrifice, along with one’s willingnessto undertake such risky ventures, which are based on the potentialreturns on the investment capital. A successful investor must notonly possess organizational and managerial skills, but he or shemust also be willing to take enormous risks. Tanner (2016) madethe point that one of the prerequisites for economic growth isto have individuals who are ambitious, skilled risk-takers andwho are ever striving for…
