EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 7IAPA
To determine
To explain:
The way distribution of income in China is unequal.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
“The major determinant of a country’s income distribution is its distribution of productive and income-earning assets.” Explain the meaning of this statement, giving examples of different kinds of productive and income-earning assets.
11. Working with Numbers and Graphs Q3
Consider an economy with only five people. Initially, Kevin earns $9,600 per year, Maria earns $12,000 per year, Rajiv earns $16,800 per year, Simone
earns $20,000 per year, and Yakov earns $21,600 per year.
Complete the following table by calculating each individual's share of total income.
Individual
Kevin
Maria
Rajiv
Simone
Yakov
Initial Income Share
(Percent)
Suppose that there is a rise in everyone's real income. Kevin now earns $9,900 per year, Maria now earns $13,500 per year, Rajiv now earns $18,900
per year, Simone now earns $22,500 per year, and Yakov now earns $25,200 per year.
10) In the United States, which factor of production earns the largest share of the nation's total income?
11) In the United States, how does the income received by the richest 20 percent of individuals compare with the income received by the other 80 percent?
2.7 Essay: The Global Economy
1) Compare and contrast the world population with that of the United States. Is the United States becoming a larger or a smaller part of the world's population?
2) How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?
Chapter 2 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
Knowledge Booster
Similar questions
- Page 551 5. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in bilions. Compensation of employees $194.2 U.S. exports of goods and services 17.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments U.S. Imports of goods and services 13.9 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 219.1 Statistical discrepancyarrow_forwardexplain the impact of a low interest rate on gross domestic product(not less than a page)arrow_forwardBriefly explain National Income; what it is? Briefly describe any of its three conceptsarrow_forward
- In 1995, when the consumer price index was 152.38, women earned a median income of $12,130 per year. If the consumer price index in 2015 was 236.99, how much was $12,130 in 2015 dollars?arrow_forwardEconomics The country of Robinya has a tax system identical to that of the United States. Suppose someone in Robinya bought a parcel of land for 10,000 deera (the local currency) in 1970 when the price index equaled 100. In 2010, the person sold the land for 100,000 deera, and the price index equaled 500. The tax rate on nominal capital gains was 20 percent. Compute the taxes the person paid on the nominal gain and the change in the real value of the land in terms of 2010 prices to find the after-tax real rate of capital gain.arrow_forwardThe 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.arrow_forward
- Which of these is not an example of factor income from abroad? a. Retained Earnings of companies owned by citizens operating in a foreign country b. Incomes of expatriates which are earned inside the country c. Incomes of citizens who are working in another country d. Incomes of citizens living abroadarrow_forwardYou are given the following information for a certain economy: SB Compensation of Employees Net Interest Income Depreciation Indirect Taxes Subsidies Corporate Profits Proprietor's Income Rental Income Payments of Factor Income to the Rest of the World Receipt of Factor Income from the Rest of the World Use the information above to calculate: A. B. C. i. National Income ii. Indirect Taxes minus Subsidies iii. Net Factor Payments to the Rest of the World iv. GDP 240 50 15 100 80 350 100 210 450 300 Outline TWO (2) uses of National Income statistics. Explain FOUR (4) limitations that these statistics have, in determining a country economic welfare. (1arrow_forwardI need the answer as soon as possiblearrow_forward
- Using the following information. Showing all working and calculate (i) Personal and disposable income (ii) Household consumption Expenditurearrow_forwardUse the following table, based on BEA data from the first quarter of 2013 (billions of dollars), to calculate items (a) and (b): a) Other income b) Net factor income Compensation of employees 8,737 Corporate profits 2,021 National income 14,313 Gross domestic product 16,535 Gross national product 16,772 Factor income to the rest of the world 237arrow_forwardWhat is personal income? What are the sources of personal incomearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning