ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 18, Problem 2.6PA
To determine
The method for the official poverty level as calculated by the U.S. Department of Agriculture and the government assistance programs that the Census Bureau considers or ignores when calculating household income
Concept Introduction:
Official Poverty Level – It is an economic measure to find out whether the family or individual with certain income level qualifies for government assistance.
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Family Flowers employs 17 people, of whom 14 earn gross pay of $640.00 each and 3 earn gross pay of $720.00 each on a weekly basis. What is the employer's share of total social security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)
What is net factor income from Abroad(NIFA).
This indicator calculates the proportion of the population with incomes below the estimated poverty line:
Select one:
a.
Head Count Ratio
b.
Income Gap Ratio
c.
Human Poverty Index
d.
Human Development Index
Chapter 18 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
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- Describe how each of these changes is likely to affect poverty and inequality: Incomes rise for low-income and high-income workers, but rise more for the high-income earners. Incomes fall for low-income and high-income workers, but fall more for high-income earners.arrow_forwardFind domestic income if nation income is $4600 and NFIA is $5400?arrow_forwardWhat is the difference between poverty and income inequality?arrow_forward
- D Question 27 Calculate the CS before tax. (Don't forget to multiply 0.5 to get the area of a triangle.) Answer: The CS before tax = $_ Question 28 Calculate the PS after tax. (Don't forget to multiply 0.5 to get the area of a triangle.) Answer: PS after tax = $ Question 29 Calculate the DWL. (Don't forget to multiply 0.5 to get the area of a triangle.) Answer: DWL = $arrow_forwardDefine gross incomes?arrow_forwardexample of Socio economic aspect of income and employmentarrow_forward
- What is meant by domestic incomearrow_forwardCategory Number of Persons Part Time Employees 30 million People Looking for Work in the last 4 weeks and Have not Worked in the Last Week 9.2 million Full Time Employees 101 million Retirees 15.8 million Full Time Students 13 million Workers that haven't looked because they are marginally attached 4.9 million Workers that haven't looked because they are discouraged 4.1 million Assume the table above includes the population of all individuals age 16 or older in this country. What is the labor force participation rate (as a percentage, but omit the % sign, rounded to the nearest tenth)? Note:- Please give me proper calculation with correct answer otherwise i give downvote Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.arrow_forwardThe refers to the specific amount of income needed for a basic standard of living. poverty trap income line income gap poverty linearrow_forward
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