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Exam 20: Income Inequality and Poverty

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Question 211

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Aniella believes that the demand for unskilled labor is relatively inelastic. Carmella believes that the demand for unskilled labor is relatively elastic. Which believes that a minimum-wage law will result in significant unemployment?

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Question 212

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Which of the following lists correctly ranks countries from most equal to least equal distribution of income?

A) Nigeria, India, Mexico, Germany
B) Brazil, United States, India, Japan
C) United States, Ethiopia, Japan, South Africa
D) Japan, India, United States, Brazil

E) A) and B)
F) A) and C)

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Question 213

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About half of black and Hispanic children in female-headed households live in poverty.

Table 20-11 Poverty Thresholds in 2011, by Size of Family and Number of Related Children Under 18 Years [Dollars] Source: U. S. Bureau of the Census, Current Population Survey. -Refer to Table 20-11. What is the poverty line for a family with one 68-year-old adult and one child?

The poverty rate is the percentage of the population that have a family income level below the

Which of the following is not correct?

Which of the three political philosophies discussed in the textbook, if any, think the government should not take from some individuals and give to others to achieve any particular distribution of income?

Critics argue that a disadvantage of minimum-wage laws is that they do not effectively target the working poor because many minimum-wage workers are the teenage children of middle-income families.

Table 20-1 The following table shows the distribution of income in Marysville. -Refer to Table 20-1. Fifty percent of all families have incomes below what level?

The United States has greater income disparity than

The economic life cycle describes how young people usually have higher savings rates than middle-aged people.

If greater equality is the benefit of government intervention into the allocation of society's resources, what is the cost?

A goal of libertarians is to provide citizens with equal opportunities rather than to ensure equal outcomes.

The goal of utilitarians is to

Table 20-14 Income Inequality in the United States The values in the table reflect the percentages of pre-tax-and transfer income. Source: US Census Bureau -Refer to Table 20-14. If the distribution of income were completely equal, what percentage of income would the bottom fifth of the population earn?

The poverty line is adjusted each year to reflect changes in the

A family's ability to buy goods and services depends largely on its

The rule for redistribution proposed by John Rawls in his book A Theory of Justice is called the

Table 20-14 Income Inequality in the United States The values in the table reflect the percentages of pre-tax-and transfer income. Source: US Census Bureau -Refer to Table 20-14. In 2010, what percentage of total income in the US did the bottom 20% of families have?

Scenario 20-7 Suppose the government implemented a negative income tax and used the following formula to compute a family's tax liability: Taxes owed = (1/6 of income) - $24,000 -Refer to Scenario 20-7. A family earning $60,000 before taxes would pay how much in taxes?