Identify the role of poverty line in different residents.

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Chapter 18, Problem 6.1P

To determine

Identify the role of poverty line in different residents.

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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 $12,700 for an individual. Year Share of Total Income in Perkopia (Percent) Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2001 3.0 8.1 14.0 21.5 53.4 2007 3.4 9.0 14.8 22.0 50.8 2013 3.8 9.5 15.4 22.7 48.6 2019 4.0 10.0 16.5 24.0 45.5 The data in the table suggest that there was___________ income inequality from 2001 to 2019. 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…

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 2016, the poverty income threshold, or poverty line, is set at an annual income of $43,275 for an individual. Year Share of Total Income in Perkopia (Percent) Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2006 3.0 7.6 14.0 21.7 53.7 2010 3.3 9.0 14.7 22.4 50.6 2016 3.9 9.5 15.0 22.7 48.9 2020 5.0 10.0 16.0 24.0 45.0 The data in the table suggest that there was income inequality from 2006 to 2020. Complete the following table to help you determine the poverty line in Perkopia in 2016. 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.…

Use the following information to calculate poverty rates for the following two countries, Woolandia and Narnia. Set the poverty line to $365. What is the Poverty Gap Index for each country? What does this measure tell you that is different from the headcount index?