Exam 19: Economic Inequality

The distribution of U.S. income is NOT bell-shaped because

"Over the past two decades, the distribution of income in the United States has become more equal." Is the previous statement or in? Briefly explain your answer.

In the United States, the median household income is ________ than the mean income, which means there are ________ households with low incomes than with high incomes.

In the United States, the poorest 50 percent of households own about ________ of total wealth.

The higher the cost of acquiring skills, the ________ are the high-skilled and low-skilled labor ________ curves.

Assortative mating means that

Social Security is an example of

The median wage among physicians is over $166K a year, while the median salary for physician assistants is $86K a year. These salaries suggest that physicians have ________ human capital than physician assistants and hence the demand for labor for physicians is ________ than the demand for labor for physician assistants.

Albert, Betty, and Cecile live in Norland. Their annual incomes and the amounts they pay in income tax are shown in the table below. The income tax in Norland is

At any wage rate, the quantity of welders willing to work is less than the quantity of tomato pickers. Why?

The mean (average) U.S. family income in 2016 was approximately

The table shows the distributions of market income and money income in the United States in 2007. -According to the table above, the money income distribution is ________ unequal than the market income distribution because ________ income reflects income redistribution through taxes and benefits.

With a proportional tax

Income is distributed ________ equally than wealth and the Lorenz curve for ________ lies closer to the line of equality.

In the United States, the percentage of households that have incomes below the mean income is

-In the figure above, the Lorenz curve that shows the richest 20 percent of households receiving 80 percent of all income is

What is the difference between market income and money income? Which is more equally distributed?

When China embarked on market changes towards urbanization and manufacturing in 1978, urban disposable incomes were 2.6 times greater than rural net income. By 2008 they were 3.3 times bigger. Which of the following have the market changes sketched above have most likely NOT caused?

-The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of

The data show that an individual's wealth tends to first increase and then to decrease over the person's lifetime.