The Economics of the Welfare State — End of Chapter Problem Median incomeMean incomeYear(in 2018 dollars)1972$40,102$46,481201841,61561,180 The accompanying table presents data from the U.S. Census Bureau on median and mean income of male workers for the years 1972 and 2018. The income figures are adjusted to eliminate the effect of inflation. a. By what percentage has median income changed over this period? By what percentage has mean income changed over this period? Round answers to one place after the decimal when necessary. Median income changed by _________%. Mean income changed by _______%. b. Between 1972 and 2018, has the income distribution become less or more unequal? Explain. Since median income has risen slightly, but mean income has grown significantly, this means that most of the growth in incomes has been (at the top OR at the bottom OR evenly distributed) the income distribution. Thus, the income distribution has become more (equal OR unequal) from 1972 to 2018.
The Economics of the Welfare State — End of Chapter Problem
Median incomeMean incomeYear(in 2018 dollars)1972$40,102$46,481201841,61561,180
The accompanying table presents data from the U.S. Census Bureau on median and mean income of male workers for the years 1972 and 2018. The income figures are adjusted to eliminate the effect of inflation.
a. By what percentage has median income changed over this period? By what percentage has mean income changed over this period?
Round answers to one place after the decimal when necessary.
Median income changed by _________%.
Mean income changed by _______%.
b. Between 1972 and 2018, has the income distribution become less or more unequal? Explain.
Since median income has risen slightly, but mean income has grown significantly, this means that most of the growth in incomes has been (at the top OR at the bottom OR evenly distributed) the income distribution. Thus, the income distribution has become more (equal OR unequal) from 1972 to 2018.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
