MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
8th Edition
ISBN: 9780134518312
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 20, Problem 2IAPA
To determine
Values of A,B,C, and D
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8.4 Describe the distribution of income andwealth in the United States.
quintile
cumulativeshare of households
a
cumulative share of income
b
cumulative share of income
poorest
10.5
2.5
2nd
13.2
6.8
middle
21.6
13.9
4th
26.4
24.2
richest
28.3
52.6
1. High incoime family. Income before tax: $500,000 tax rate 37% taxes paid $185,000 after tax income $315,000.
2. Middle income family. Income before tax: $50,000. tax rate 20% taxes paid 10,000 after tax income $40,000
3. Low income family. Income before tax: $20,000 tax rate 10% taxes paid $2,000 after tax income $18,000
Using the table, what is the ratio of a high-income family's income to a low-income family's income before and after taxes?
Chapter 20 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
Ch. 20 - Prob. 1SPPACh. 20 - Prob. 2SPPACh. 20 - Prob. 3SPPACh. 20 - Prob. 4SPPACh. 20 - Prob. 5SPPACh. 20 - Prob. 6SPPACh. 20 - Prob. 7SPPACh. 20 - Prob. 8SPPACh. 20 - Prob. 9SPPACh. 20 - Prob. 1IAPA
Ch. 20 - Prob. 2IAPACh. 20 - Prob. 3IAPACh. 20 - Prob. 4IAPACh. 20 - Prob. 5IAPACh. 20 - Prob. 6IAPACh. 20 - Prob. 7IAPACh. 20 - Prob. 8IAPACh. 20 - Prob. 9IAPACh. 20 - Prob. 10IAPACh. 20 - Prob. 11IAPACh. 20 - Prob. 1MCQCh. 20 - Prob. 2MCQCh. 20 - Prob. 3MCQCh. 20 - Prob. 4MCQCh. 20 - Prob. 5MCQCh. 20 - Prob. 6MCQCh. 20 - Prob. 7MCQ
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- A 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_forwardA group 0f 10 people have the following annual incomes: 24,000,18,000,50,000,100,000,12,000,36,000,80,000,10,000,24,000,16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?arrow_forwardDescribe 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.arrow_forward
- What do you think is more important to focus on when considering inequality: income inequality or wealth inequality?arrow_forwardList some reasons why household income differ. Which factor is the most importantarrow_forwardGRAPH USED FOR PROBLEMS ATTACHED 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?arrow_forward
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