ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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**Classmarker.com Educational Content Transcription**

**Question 152 of 190**

This question is based on the following chart below.

| Income Group | 1977 Avg Income | 1999 Avg Income |
|--------------|-----------------|-----------------|
| Lowest fifth | $10,000         | $8,000          |
| Second fifth | $22,100         | $20,000         |
| Middle fifth | $32,400         | $31,400         |
| Fourth fifth | $42,600         | $41,500         |
| Highest fifth | $74,000        | $102,300        |
| Top 1%       | $234,700        | $515,600        |

**Which of the following statements is best supported by the information in the chart?**

- ( ) A. There are more people earning over $500,000 than under $8,000.
- ( ) B. The gap between the top 1% and the lowest-fifth is substantial and increasing.
- ( ) C. The Government takes the same percentage of taxes every year.
- ( ) D. The CBPP does not consider after-tax household incomes in this report.
- ( ) E. The Government takes more taxes from those whose income is in the top 1%.

---

**Question 153 of 190**

This question is based on the following definitions below.

(There is a diagram titled "World Economic System" showing different economic systems. Below is a detailed description of its content.)

- **Pure Capitalism**
  - Government does not regulate production
  - Each individual works for his own success

- **Pure Communism**
  - Government does not regulate production
  - Each individual works for the good of all

- **Democratic Socialism**
  - Government owns basic industry
  - System permits some private enterprise
  - Private enterprise has freedom
  - Consumer has greater freedom

- **American Capitalism**
  - Individuals determine own means of production
  - Individuals and consumers determine production

- **Marxism Socialism**
  - Government owns all means of production
  - Government controls all aspects of citizens' economic lives

Using the diagram above, under which economic system would decisions about the production and distribution of goods be determined by a central authority?

- ( ) A. American capitalism
- ( ) B. Pure capitalism
- ( ) C. Marxian socialism
-
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Transcribed Image Text:**Classmarker.com Educational Content Transcription** **Question 152 of 190** This question is based on the following chart below. | Income Group | 1977 Avg Income | 1999 Avg Income | |--------------|-----------------|-----------------| | Lowest fifth | $10,000 | $8,000 | | Second fifth | $22,100 | $20,000 | | Middle fifth | $32,400 | $31,400 | | Fourth fifth | $42,600 | $41,500 | | Highest fifth | $74,000 | $102,300 | | Top 1% | $234,700 | $515,600 | **Which of the following statements is best supported by the information in the chart?** - ( ) A. There are more people earning over $500,000 than under $8,000. - ( ) B. The gap between the top 1% and the lowest-fifth is substantial and increasing. - ( ) C. The Government takes the same percentage of taxes every year. - ( ) D. The CBPP does not consider after-tax household incomes in this report. - ( ) E. The Government takes more taxes from those whose income is in the top 1%. --- **Question 153 of 190** This question is based on the following definitions below. (There is a diagram titled "World Economic System" showing different economic systems. Below is a detailed description of its content.) - **Pure Capitalism** - Government does not regulate production - Each individual works for his own success - **Pure Communism** - Government does not regulate production - Each individual works for the good of all - **Democratic Socialism** - Government owns basic industry - System permits some private enterprise - Private enterprise has freedom - Consumer has greater freedom - **American Capitalism** - Individuals determine own means of production - Individuals and consumers determine production - **Marxism Socialism** - Government owns all means of production - Government controls all aspects of citizens' economic lives Using the diagram above, under which economic system would decisions about the production and distribution of goods be determined by a central authority? - ( ) A. American capitalism - ( ) B. Pure capitalism - ( ) C. Marxian socialism -
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