Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 20.1, Problem 1QQ
To determine
What does the poverty rate measure and the potential problems in interpreting the measured variable.
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Chapter 20 Solutions
Principles of Economics (MindTap Course List)
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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.arrow_forwardWhat 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_forward
- What is the poverty line?arrow_forwardExplain how a country may experience greater equality in the distribution of income, yet still experience high rates of poverty. Hint: Look at the Clear It Up 'How do governments measure poverty in low-income countries?' and compare to Table 15.5.arrow_forwardHow does the TANF attempt to loosen the poverty trap?arrow_forward
- RM2. Why is it more efficient for the government to offer employment insurnace than for private insurance companies? Why is Canada accused of treating EI as an income transfer program instead of an insurnace program? What are the various methods commonly used to measure poverty? Hoe do they differ? Which method does Canada use?arrow_forward1. 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?arrow_forward1. Define the poverty rate. Does it rise or fall during recessions? a.Since the official poverty line was set at $3,000 in 1964, prices have risen by about a factor of?arrow_forward
- Find domestic income if nation income is $4600 and NFIA is $5400?arrow_forwardUS has one of the World's largest income inequality disparities. Discuss the reasons for this Gap. List at least four reasons.arrow_forward2) Choose the economic indicators below that do not cause higher income inequality but do correlate with higher income inequality; they may be caused by it. Options indicate how the indicator changes when income inequality increases. - GDP growth rate falls - Economic mobility rises - Educational access falls (not the same thing as "education") - Educational access rises (not the same thing as "education") - Access to health care falls - Rate of homeownership rises - Rate of homeownership falls - Economic mobility falls - Access to health care rises - GDP growth rate rises - All of the above - None of the abovearrow_forward
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