Use the table below to answer this questionIncome(s) rangePopulation0-10,00010,00010,000-30,000500030,001-50,000200050,001-69,99950070,000-90,00030090,000-100,000150Over 100,00050If the poverty line is $70,000, what is the poverty rate of this town?1.02%97.22%67.67%83.33%

To calculate the poverty rate, determine the number of people below the poverty line (income <…

Answered: Use the table below to answer this…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 14RQ: How is the poverty rate calculated?

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Similar questions

What is the poverty line?
Explain how a country may experience greater equality in the distribution of income, yet still experience high rates of poverty. Hint: Look at the Clear It Up 'How do governments measure poverty in low-income countries?' and compare to Table 15.5.
Explain what the long- and short-term consequences are of not promoting equality or working to reduce poverty.
Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage labor market, explain how information technology can increase income inequality if it is a complement to high-income workers like salespeople and managers, but a substitute for low-come workers like file clerks and telephone receptionists.
Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage labor market, explain how a program that increased educational levels for a substantial number of low-skill workers could reduce inflame inequality.
What goods and services would you include in an estimate of the basic necessities for a family of four?
Table 15.9 shows the share of income going to each quintile of the income distribution for the United Kingdom in 1979 and 1991. Use this data to calculate what the points on a Lorenz curve would be, and sketch the Lorenz curve. How did inequality in the United Kingdom shift over this time period? How can you see the patterns in the quintiles in the Lorenz curves?
A group 0f 10 people have the following annual incomes: 24,000,18,000,50,000,100,000,12,000,36,000,80,000,10,000,24,000,16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?
Who is included in the top income quintile?
1. write a short essav tha summarizes the problems by which the official poverty rate is determined.2. Sit down with some classmates and estimate what a family of four (two parents, two voung children) in your area would have to day annually for food. clothing. shelter. energy, and other necessities of lite. What figure do you end up with? How does this sum ot money compare with the official poverty line of 22,213 in 2010 for a family of four?3. Why do you think the maiority of Americans assume poor people lack the motivation To WORK4. Explain to a friend how labor force participation data indicate that it is inaccurate to think that poor people lack the motivation to work.
Of all the Americans who live in poverty, most are families. A. black; white B. Hispanic; white O c. black; Hispanic OD. white; black and Hispanic % 5 1 6 M Oll & 7 8 families, while the highest poverty rate is among O - C Next M ytl ers Car
3 of 1 estion s page What does the Canadian poverty rate measure? O a. the number of people whose annual household income is less than $17 568 the number of people whose annual household income is less than $21 728 the percentage of people whose income falls below an identified income standard the percentage of government expenditures allocated to antipoverty programs O b. О с. O d.

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Use the table below to answer this question Income(s) range Population 0-10,000 10,000 10,000-30,000 5000 30,001-50,000 2000 50,001-69,999 500 70,000-90,000 300 90,000-100,000 150 Over 100,000 50 If the poverty line is $70,000, what is the poverty rate of this town? 1.02% 97.22% 67.67% 83.33%