The percentage of income earned by poor and rich in the US.

Question

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Answer 1

Question

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

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Answer 2

Question

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

Answer 6

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

Answer 7

Chapter 20, Problem 1QR

To determine

The percentage of income earned by poor and rich in the US.

Answer 8

Expert Solution & Answer

Explanation of Solution

Poverty line is the line that determines the minimum income required to meet the basic requirements of a quality life by the people. The household with family income less than the poverty line is said to be poor, and those who earn very much above the poverty line are considered to be rich by the government. The income inequality represents the unequal distribution of income across various economic participants of the economy. When there is income inequality, the poor people of the economy will earn very less income, whereas the rich will earn very high level of income from the economy. When the income inequality is lower, the difference between the income earned by the poorest fifth and the richest fifth will be the minimum.

According to the available data about the US economy, the income distribution is very unequal. About the poorest one-fifth of the total population earns about 4 percent of the income of the economy, whereas the top one-fifth of the rich population earns about 50 percent of the US total economy income today according to the sources. This means that the richest fifth of the US economy earns more than 12 times higher than the poorest fifth of the economy.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Income inequality: Income inequality represents the unequal distribution of household or individual income among various economic participants of the society.

Answer 12

Ch. 20.1 - Prob. 1QQ Ch. 20.2 - Prob. 2QQ Ch. 20.3 - Prob. 3QQ Ch. 20 - Prob. 1QR Ch. 20 - Prob. 2QR Ch. 20 - Prob. 3QR Ch. 20 - Prob. 4QR Ch. 20 - Prob. 5QR Ch. 20 - Prob. 6QR Ch. 20 - Prob. 7QR

The percentage of income earned by poor and rich in the US.

The percentage of income earned by poor and rich in the US.

Explanation of Solution

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