Exam 19: Economic Inequality

The table shows the distributions of market income and money income in the United States in 2007. -According to the table above, ________ percent of total income is redistributed to the lowest income group.

Customer discrimination against female realtors ________ the number of female realtors and ________ their perceived value of marginal product.

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

Lifetime income is distributed

Of the approximate total population of 300 million people in America, about how many have incomes below the official poverty level?

In the U.S. in 2012 the percentage of the Americans living below the poverty line was about

What is meant by the term "assortative mating" and how does it affect the distribution of wealth?

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 20 percent of households receive about ________ of total income.

Joe earns $100,000 per year. He pays a tax rate of 28 percent on the first $60,000 of income and a tax rate of 15 percent on income above $60,000. This tax system is an example of a

What are the three ways that the government redistributes income in the United States? Briefly discuss each.

The measured distribution of ________ is a more accurate indicator of the degree of economic inequality than the measured distribution of ________ because ________ data does not include ________.

-The Lorenz curves in the above figure imply that

The U.S. tax system at both the federal and state levels is ________.

In the country of Konswano there are 4 people. Each person lives for 40 years. In their first 10 years, they earn no income. In the next 20 years, they earn $40,000 per year and in the last 10 years they earn no income. Each year their consumption is $20,000. If everyone in Konswano is 25 years old, then the Lorenz curve for income is ________.

-The above figure shows the Lorenz curve for wealth for the nation of Rusha. What percent of wealth is owned by the poorest quintile?

According to an Asian Development Bank report in 2007, China's Gini coefficient, a statistical measure of wealth distribution in society, soared to 47.3 in 2004 from 40.7 in 1993, putting the country at a level more typical of Latin America. China experienced ________.

The public education system is an example of

Income redistribution ________.

-The above table shows the distribution of income in two imaginary countries, Alpha and Beta. a) In the figure above, draw the Lorenz curves for Alpha and Beta. b) Compare the distribution of income in Alpha with that in Beta. Which distribution is more unequal? c) What would be the distribution of income in a country with perfect income equality?