According to research published by the US Census Bureau, Select the correct answer below: there is a narrowing income disparity between the lowest and highest earners in the US. O income is more fairly distributed among people in the US in recent years O the income distribution between poor and rich has widened over time O more people have moved from poor class to middle class.

According to research published by the US Census Bureau, Select the correct answer below: there is a narrowing income disparity between the lowest and highest earners in the US. O income is more fairly distributed among people in the US in recent years O the income distribution between poor and rich has widened over time O more people have moved from poor class to middle class.

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 1SCQ: Describe how each of these changes is likely to affect poverty and inequality: Incomes rise for...

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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.
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Questions: what are some of the dimensions of economic inequality and what is considered income? As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealthis narrowly defined as financial wealth—namely, cash on handand the money value of tangible and nonliquid assets. Even justthe market valuation of financial portfolios is commonly used todefine financial wealth. However, some may extend the definitionto include the value of income streams and insurance rights that,for the most part, cannot be transacted or encumbered. Theseinclude Medicare, Medicaid, and Social Security. When suchtransfers and public assistance are included, the poor and manyelderly could benefit, reducing the wealth disparity (Galbraith2016). To obtain net wealth, the value of the debts are subtractedsubtracted from the value of the assets. Galbraith stated thatfinancial wealth…
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