Bundle: Principles of Microeconomics, Loose-leaf Version, 8th + MindTap Economics, 1 term (6 months) Printed Access Card
8th Edition
ISBN: 9781337379151
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 20, Problem 2CQQ
To determine
The comparison of income inequality between US and other countries.
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US has one of the World's largest income inequality disparities. Discuss the reasons for this Gap. List at least four reasons.
Is it possible for everyone's real income to rise even though the income distribution in a society has become more an equal? Give an example to support your answer.
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1. If 80% of households earn 55% of the income, what percent of income does the richest quintile earn?
2. What percent of income does the second richest quintile earn?
3. If the middle quintile earns 15% of the income, what percent of income does the second poorest quintile earn?
Chapter 20 Solutions
Bundle: Principles of Microeconomics, Loose-leaf Version, 8th + MindTap Economics, 1 term (6 months) Printed Access Card
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- What do you think is more important to focus on when considering inequality: income inequality or wealth inequality?arrow_forwardA group of 10 people have the following annual incomes: 55,000,30,000,15,000,20,000,35,000,80,000,40,000,45,000,30,000,50,000. Calculate the share of total income each quintile of this income distribution received. Do the top and bottom quintile s in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution for 2005?arrow_forward23. Arnold, Betty, Christine, Donald, and Elena receive incomes of $0, $400, $200, $100, and $300. Starting with the top 20% of the population, write in the correct income share in percentages. Then in a line below it, write in the income share for the second 20%. In another line write in the income share for the middle 20%, then on another line, the income share for the fourth 20%, and finally the income share for the bottom 20%. Please state your answers in percentages for full credit. You do not have to show your calculation. population share income share top 20% ______________ 2nd 20% ______________ mid 20% _____________ 4th 20% _____________ bottom 20% _____________ 24. Based on your answers in question #23, fill in the cumulative income distribution table using percentages. Please start with…arrow_forward
- The richest 20% of the population in Economy B has approximately ______% of the economy's income. A. 5 B. 35 C. 40 D. 65 E. 95arrow_forwardWhich one among the following is private income? a. Wages of employees b. Government income c. Earnings of private organizations d. Salaries of managersarrow_forward
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