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This question is based on the following chart below. 1977 Avg 1999 Avg Income Group Income Income Lowest fifth $10,000 $8,000 Second fifth $22,100 $20,000 Middle fifth $32,400 $31,400 Fourth fifth $42,600 $41,500 Highest fifth $74,000 $102,300 Top 1% $234,700 $515,600 Which of the following statements is best supported by the information in the chart? A. There are more people earning over $500,000 than under $8,000. B. The gap between the top 1% and the lowest-fifth is substantial and increasing. C. The Government takes the same percentage of taxes every year. D. The CBPP does not consider after-tax household incomes in this report E. The Government takes more taxes from those whose income is in the top 1%.

This question is based on the following chart below. 1977 Avg 1999 Avg Income Group Income Income Lowest fifth $10,000 $8,000 Second fifth $22,100 $20,000 Middle fifth $32,400 $31,400 Fourth fifth $42,600 $41,500 Highest fifth $74,000 $102,300 Top 1% $234,700 $515,600 Which of the following statements is best supported by the information in the chart? A. There are more people earning over $500,000 than under $8,000. B. The gap between the top 1% and the lowest-fifth is substantial and increasing. C. The Government takes the same percentage of taxes every year. D. The CBPP does not consider after-tax household incomes in this report E. The Government takes more taxes from those whose income is in the top 1%.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Classmarker.com Educational Content Transcription** **Question 152 of 190** This question is based on the following chart below. | Income Group | 1977 Avg Income | 1999 Avg Income | |--------------|-----------------|-----------------| | Lowest fifth | $10,000 | $8,000 | | Second fifth | $22,100 | $20,000 | | Middle fifth | $32,400 | $31,400 | | Fourth fifth | $42,600 | $41,500 | | Highest fifth | $74,000 | $102,300 | | Top 1% | $234,700 | $515,600 | **Which of the following statements is best supported by the information in the chart?** - ( ) A. There are more people earning over $500,000 than under $8,000. - ( ) B. The gap between the top 1% and the lowest-fifth is substantial and increasing. - ( ) C. The Government takes the same percentage of taxes every year. - ( ) D. The CBPP does not consider after-tax household incomes in this report. - ( ) E. The Government takes more taxes from those whose income is in the top 1%. --- **Question 153 of 190** This question is based on the following definitions below. (There is a diagram titled "World Economic System" showing different economic systems. Below is a detailed description of its content.) - **Pure Capitalism** - Government does not regulate production - Each individual works for his own success - **Pure Communism** - Government does not regulate production - Each individual works for the good of all - **Democratic Socialism** - Government owns basic industry - System permits some private enterprise - Private enterprise has freedom - Consumer has greater freedom - **American Capitalism** - Individuals determine own means of production - Individuals and consumers determine production - **Marxism Socialism** - Government owns all means of production - Government controls all aspects of citizens' economic lives Using the diagram above, under which economic system would decisions about the production and distribution of goods be determined by a central authority? - ( ) A. American capitalism - ( ) B. Pure capitalism - ( ) C. Marxian socialism -
Transcribed Image Text:**Classmarker.com Educational Content Transcription** **Question 152 of 190** This question is based on the following chart below. | Income Group | 1977 Avg Income | 1999 Avg Income | |--------------|-----------------|-----------------| | Lowest fifth | $10,000 | $8,000 | | Second fifth | $22,100 | $20,000 | | Middle fifth | $32,400 | $31,400 | | Fourth fifth | $42,600 | $41,500 | | Highest fifth | $74,000 | $102,300 | | Top 1% | $234,700 | $515,600 | **Which of the following statements is best supported by the information in the chart?** - ( ) A. There are more people earning over $500,000 than under $8,000. - ( ) B. The gap between the top 1% and the lowest-fifth is substantial and increasing. - ( ) C. The Government takes the same percentage of taxes every year. - ( ) D. The CBPP does not consider after-tax household incomes in this report. - ( ) E. The Government takes more taxes from those whose income is in the top 1%. --- **Question 153 of 190** This question is based on the following definitions below. (There is a diagram titled "World Economic System" showing different economic systems. Below is a detailed description of its content.) - **Pure Capitalism** - Government does not regulate production - Each individual works for his own success - **Pure Communism** - Government does not regulate production - Each individual works for the good of all - **Democratic Socialism** - Government owns basic industry - System permits some private enterprise - Private enterprise has freedom - Consumer has greater freedom - **American Capitalism** - Individuals determine own means of production - Individuals and consumers determine production - **Marxism Socialism** - Government owns all means of production - Government controls all aspects of citizens' economic lives Using the diagram above, under which economic system would decisions about the production and distribution of goods be determined by a central authority? - ( ) A. American capitalism - ( ) B. Pure capitalism - ( ) C. Marxian socialism -
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