ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 18, Problem 7P
To determine
The poverty among the U.S. population that is less than 18 years old is as it was in the 1970s while poverty among the elderly population has decreased from 1959 and 1974 and has continued to decline further. State the reason for the difference between the two age groups.
Concept Introduction:
Poverty rate - The rate at which the poverty increases or decreases from the given value of analysis.
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economic
The table shows the distribution of personal income in the United States in 2016.
Percentage of
total income
Households
Poorest 20 percent
3.1
Second 20 percent
Third 20 percent
Fourth 20 percent
Richest 20 percent
8.2
14.3
23.2
51.2
For all U.S. households to receive an equal share of income, what percentage of total income would the poorest 20 percent of households have to receive from higher-income groups? What percentage would the second poorest
have to receive?
>>> Answer to 1 decimal place.
The poorest 20 percent of households would have to receive
percent.
The second poorest 20 percent of households have to receive
percent.
Use the highlighted point to elaborate. (Short answer)
Chapter 18 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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- example of Socio economic aspect of income and employmentarrow_forwardWhich of the following statements is correct? [Select one answer] Chronic poor are those whose incomes on average are above the poverty line but they never escape poverty. No option is correct Persistent poor are those whose incomes on average are below the poverty line but they never escape poverty. Transient poor are those whose incomes on average are below the poverty line but they may escape poverty sometimes.arrow_forwardQuestion 14 The following income distribution data are for Lesotho: Quintile Percent Share Lowest 10% 2.2% Lowest 20% 3.0% Second quintile 7.2% Third quintile 12.5% Fourth quintile 21.0% Highest 20% 56.3% Lesotho's national income is about $1.69 billion. Lesotho's population is approximately 2 million. Suppose that each household (which consists of one person) makes the average income for its quintile. What is the poverty headcount if the poverty line is $20 per capita?arrow_forward
- 32arrow_forwardeconomicarrow_forwardThe data in the table characterizes the income distribution for a country. What percentage of the total population is categorized as belonging to the second quintile? Give your responses as whole numbers. Income category Share of income (%) Cumulative share of income (%) first quintile 7.0 --- second quintile 9.0 16.0 third quintile --- 35.0 fourth quintile 25.0 --- fifth quintile 40.0 --- percentage of population in second quintile: % What percentage of the total income for the country is earned by the third quintile? percentage earned by the third quintile: % What is the cumulative share of income earned by the poorest 80% of the population? percentage earned by the poorest 80%: %arrow_forward
- Give typing answer with explanation and conclusionarrow_forwardUse the table related to the size distribution of household income to answer the following questions. Share of Total Income Income Group Highest fifth Second fifth Third fifth 2019 Income Above $142,000 $86,001-$142,000 $54,001-$86,000 Average Income $ 254,400 51.9% 111,100 22.7 68,900 14.1 Fourth fifth Lowest fifth $28,001-$54,000 0-$28,000 40,700 8.3 15,300 3.1 ok According to the table: ences Instructions: In part a, enter your response as a whole number. In part b, round your response to one decimal place. a. What is the average household income in the United States? 98080 b. What percentage of the average household income of people in the highest fifth would have to be taxed away to bring them down to that average? %arrow_forwardQuestion 15 Which of the below statements is INCORRECT with regard to poverty in the U.S.? The poverty threshold was created my Mollie Orshansky of the Social Security Administration, in the 1960s. The "poverty threshold," "poverty guidelines" and "poverty line" are identical numbers and are all used for exactly the same purpose. For the year 2021, a single individual making less than $12,880 in any of the 48 contiguous states, falls below the poverty line. For the year 2021, a four person family making less that $29,200 a year in any of the 48 contiguous states, falls below the poverty line.arrow_forward
- What is the poverty line?arrow_forward5arrow_forward23. Arnold, Betty, Christine, Donald, and Elena receive incomes of $0, $400, $200, $100, and $300. Starting with the top 20% of the population, write in the correct income share in percentages. Then in a line below it, write in the income share for the second 20%. In another line write in the income share for the middle 20%, then on another line, the income share for the fourth 20%, and finally the income share for the bottom 20%. Please state your answers in percentages for full credit. You do not have to show your calculation. population share income share top 20% ______________ 2nd 20% ______________ mid 20% _____________ 4th 20% _____________ bottom 20% _____________ 24. Based on your answers in question #23, fill in the cumulative income distribution table using percentages. Please start with…arrow_forward
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