Principles of Micro-Economics Wk5 Discussion

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%

In the United States poverty rates among African-Americans are high and most people living below the poverty line are __________.  Group of answer choices Hispanic white African American American Indian

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Dina and Charles are married, under the age of 65, and have two children under the age of 18. Charles works full time and earns $19,000, while Dina works part time and earns $9,000. Thus, in total, their family income is $28,000. Are Charles and Dina living in poverty? O Yes O No Suppose that Charles divorces Dina and leaves the family without paying alimony or child support. Dina must now support her two children alone, so she begins working full time and earns a total of $18,000. Are Dina and her children living in poverty? O Yes O No Again, consider Dina, a single mother with two children under 18 who earns an annual income of $18,000. Suppose that Dina qualifies for a welfare program for single mothers that provides her with $4,000 in food assistance. After receiving welfare, is Dina's family living in poverty? O Yes O No

Question 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.

1. How does the population of a low-income country such as Ethiopia differ from that of a high-income nation such as the United States in terms of poverty? Do you think the people living in high-income nations have a responsibility to address poverty in the rest of the world ? If so, why? If not, why not?

15. __________________________________________ poverty is the minimum level of subsistence that no family should be expected to live below.

In the United States poverty rates among African-Americans are high and most people living below the poverty line are African American American Indian white Hispanic

Being able to work with and understand percentages and ratios is important in many different careers. Consider each of the following situations that require work with percentages or ratios. a. Some government funding is related to the number of people living in poverty in a particular area. The 2010 population of Caswell County, NC, was 23,719 and 21.7% of the people were living in poverty. (Source: quickfacts. census.gov/qfd/states/37/37033.html) How many people were living in poverty in Caswell County, NC, in 2010? b. Wisconsin farmers received an average price of $17.60 per 100 pounds for their milk in April 2012, down $1.60 from April 2011. By what percentage did the average price of milk decrease between April 2011 and April 2012? (Source: www.nass.usda.gov/Statistics_by_State/Wisconsin/Publications/Dairy/mkallpri.pdf) c. The Centers for Disease Control estimates that 1 in 6 people in the United States suffer food poisoning in any given year. At the beginning of 2012, the…

How do government statisticians determine the poverty rate? How could the poverty rate fall while the number of people in poverty rises? Which group in each of the following pairs has the higher poverty rate: (a) children or people age 65 or over? (b) African Americans or foreign-born noncitizens? (c ) Asians or Hispanics?

Pls help with below homework. what does the graph repressents? what conclution can you make about Guatemala? Explain why there is an increase poverty in Rural?

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7. Study Questions and Problems #7 Use the following exhibit to answer the following two questions. 1959 1970 Official Poverty Rate for All Persons 22% 1975 1980 1985 13% 12% 13% 14% 1990 1995 14% 14% 2000 2005 2010 2015 11% 13% 15% 14% Source: U.S. Bureau of the Census, Income and Poverty in the United States, Census.gov.. What percentage of families in the United States were classified as in poverty in 2020? ○ 12% ○ 13% 11% ○ 15% Use the following exhibit to answer the next two questions. Characteristic Region South West Midwest Northeast Type of Family Headed by married couple Headed by male, no spouse present Headed by female, no spouse present Education of Household Head No high school diploma High school diploma, no college Bachelor's degree or more Percentage Below the Poverty Line 13% 11 10 10 5 11 23 25 13 4 Source: "U.S. Bureau of the Census, "Income and Poverty in the United States.census.gov Tables B-1 and B-2.." True or False: The South was the region with the lowest…

C The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2007, the poverty line is set at an annual income of $27,400 for an individual. Year 2001 2007 2013 2019 77°F Mostly sunny 7 F1 ! Lowest Quintile Second Quintile The data in the table suggest that there was O 5.0 3.9 3.5 3.2 F2 Share of Income in 2007 0- Complete the following table to help you determine the poverty rate in Perkopia in 2007. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual in each quintile by dividing the total income of that quintile by the number of people in that quintile. (Hint: Recall that Perkopia has a population of 10,000 people.) Finally, determine…

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Article Summary According to the U.S. Census Bureau, income inequality in the United States was "significantly higher" in 2018 than in 2017, with the gap between the richest and poorest households the largest it has been in the last 50 years. At the same time, median U.S. income hit its highest level ever, with a national economy experiencing low unemployment and more than 10 years of consecutive GDP growth. According to Rutgers University Professor William M. Rogers III, the most troubling aspect of this report is that it "clearly illustrates the inability of the current economic expansion, the longest on record, to lessen inequality." The Census Bureau report also states that the nation's poverty rate fell in 14 states and Puerto Rico, and that for the 25 largest U.S. cities, the poverty rate either remained the same or fell in 2018. Source: Bill Chappell, "U.S. Income Inequality Worsens, Widening To A New Gap", NPR, September 26, 2019. Refer to the Article Summary. The article…

Assignment 1: Market Failure: Poverty and Income Inequality Listed below are several summary statements from the 2010 Census report: The official poverty rate in 2010 was 15.1 percent—up from 14.3 percent in 2009. This was the third consecutive annual increase in the poverty rate. Since 2007, the poverty rate has increased by 2.6 percentage points, from 12.5 percent to 15.1 percent. In 2010, 46.2 million people were in poverty, up from 43.6 million in 2009—the fourth consecutive annual increase in the number of people in poverty. Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to 9.9 percent), for Blacks (from 25.8 percent to 27.4 percent), and for Hispanics (from 25.3 percent to 26.6 percent). For Asians, the 2010 poverty rate (12.1 percent) was not statistically different from the 2009 poverty rate. The poverty rate in 2010 (15.1 percent) was the highest poverty rate since 1993 but was 7.3 percentage points lower than…

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1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2012, the poverty line is set at an annual income of $40,850 for an individual. Year 1994 2000 2006 2012 Lowest Quintile 4.0 3.8 3.4 3.0 Share of Total Income in Perkopia (Percent) Middle Quintile Fourth Quintile Second Quintile 10.0 9.7 8.8 8.2 The data in the table suggest that there was 16.5 15.0 14.8 14.0 23.0 22.5 22.0 21.8 Highest Quintile 46.5 49.0 51.0 53.0 income inequality from 1994 to 2012. Complete the following table to help you determine the poverty rate in Perkopia in 2012. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual…

1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2001, the poverty line is set at an annual income of $30,000 for an individual. Share of Total Income in Perkopia (Percent) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2001 5.0 11.0 16.0 24.0 44.0 2007 3.9 9.7 15.2 22.6 48.6 2013 3.5 8.8 14.7 22.0 51.0 2019 3.0 8.6 14.0 21.5 52.9 The data in the table suggest that there was v income inequality from 2001 to 2019. Complete the following table to help you determine the poverty rate in Perkopia in 2001. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual…

Most people in the United States living below the poverty line are _____________. Group of answer choices American Indian African Americans Hispanics whites

QUESTION 4 The Myth of Global Poverty is: O Global poverty is a myth, meaning it doesn't exist and most of the worlds population have equal opportunity O UN development statistics only make it seem like so many people are impoverished O The 1st world is actually more impoverished becuse it has a greater amount of debt O Poverty is often incorrectly assumed to simply be a lack of resources, but people experience poverty locally and for different reasons. QUESTION 5 According to your textbook, the authors experiences working on a development project found that people located furthest from the project area (donors and administrators) were most interested in: O Understanding what local communities were most interested in O Projects that saved them money O Big picture issues like healthcare access and clean water O Harmful traditional practices"

How do Economists define Poverty? 1. Economist define the concept of poverty as an economic state where an individual or household level of income is below a level of annual income necessary to provide a minimum or basic standard of living. 2. The poverty rate is directly related to how income is distributed within a society. Per capita income in 2015 and 2016 is estimated at $56,850 and $62,606, respectively. 3. A minimum standard of living refers to the ability of an individual to acquire food, clothing and housing at an adequate level to avoid economic distress. 4. The U.S. government economists evaluate the cost to individuals and households to acquire food, clothing, and housing to maintain a minimum healthy lifestyle. 5. The bench market for the income level necessary to maintain a basic standard of living is based on USDA Research that uses a baseline cost estimate associated with maintaining a healthy diet of 1800 to 2300 calories per day. * YouTube Q [) 5:09 / 5:37 CC Which…

How do Economists define Poverty? 1. Economist define the concept of poverty as an economic state where an individual or household level of income is below a level of annual income necessary to provide a minimum or basic standard of living. 2. The poverty rate is directly related to how income is distributed within a society. Per capita income in 2015 and 2016 is estimated at $56,850 and $62,606, respectively. 3. A minimum standard of living refers to the ability of an individual to acquire food, clothing and housing at an adequate level to avoid economic distress. 4. The U.S. government economists evaluate the cost to individuals and households to acquire food, clothing, and housing to maintain a minimum healthy lifestyle. 5. The bench market for the income level necessary to maintain a basic standard of living is based on USDA Research that uses a baseline cost estimate associated with maintaining a healthy diet of 1800 to 2300 calories per day. 5:09 / 5:37 YouTube Q CC Which…

A sobering census report: Americans' meager income gains The Census Bureau reported that median household income rose 0.7 percent in 2006 to $48,210, but it was still about $1,000 less than in 2000, before the start of the last recession. Households living in poverty fell to 12.3 percent from 12.6 percent in 2005. But in 2006, 36.5 million Americans were living in poverty-5 million more than in 2000, when the poverty rate was 11.3 percent. Source: The New York Times, August 29, 2007 How did income inequality change during 2000, 2005, and 2006? *** During 2000, 2005, and 2006, OA. income inequality increased in all quintiles OB. income inequality decreased at the upper end of the income distribution OC. at the lower end of the income distribution, income inequality increased between 2000 and 2005 and then decreased slightly during 2006 OD. income inequality decreased in all quintiles Search Next