Which of the below statements is INCORRECT with regard to poverty in the U.S.?   The poverty threshold was created my Mollie Orshansky of the Social Security Administration, in the 1960s.   The "poverty threshold," "poverty guidelines" and "poverty line" are identical numbers and are all used for exactly the same purpose.   For the year 2021, a single individual making less than $12,880 in any of the 48 contiguous states, falls below the poverty line.   For the year 2021, a four person family making less that $29,200 a year in any of the 48 contiguous states, falls below the poverty line.

What are some reasons why a certain degree of inequality of income would be expected in a market economy?

To reduce income inequality, should the marginal tax rates on the top 1 be increased?

The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2010, the poverty income threshold, or poverty line, is set at an annual income of $42,350 for an individual. Year 2006 2010 2016 2020 Lowest Quintile Second Quintile 3.0 3.4 3.8 5.0 Share of Total Income in Perkopia (Percent) 8.6 9.4 9.7 11.0 The data in the table suggest that there was Middle Quintile Fourth Quintile no evidence of an increase in 14.0 14.6 15.2 15.5 21.9 22.4 22.9 25.0 Highest Quintile 52.5 50.2 48.4 43.5 income inequality from 2006 to 2020. no change in Complete the following table to help you dete a decrease in y line in Perkopia in 2010. To do this, begin by determining the total income of all individuals in each quintile, using the fact tha ome in the economy is $500,000,000. Next, determine the income of…

The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2016, the poverty income threshold, or poverty line, is set at an annual income of $43,275 for an individual. Year Share of Total Income in Perkopia (Percent) Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2006 3.0 7.6 14.0 21.7 53.7 2010 3.3 9.0 14.7 22.4 50.6 2016 3.9 9.5 15.0 22.7 48.9 2020 5.0 10.0 16.0 24.0 45.0   The data in the table suggest that there was    income inequality from 2006 to 2020.   Complete the following table to help you determine the poverty line in Perkopia in 2016. To do this, begin by determining the total income of all individuals in each quintile, using the fact that total annual income in the economy is $500,000,000.…

The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2010, the poverty income threshold, or poverty line, is set at an annual income of $42,350 for an individual. Year 2006 2010 2016 2020 Quintile Lowest Lowest Quintile Second Quintile 3.0 3.4 3.8 5.0 The data in the table suggest that there was Second Middle Fourth Highest Share of Total Income in Perkopia (Percent) Middle Quintile Fourth Quintile Highest Quintile 8.6 9.4 9.7 11.0 Share of Income in 2010 (Percent) 3.4 9.4 14.6 22.4 50.2 14.0 14.6 15.2 15.5 Complete the following table to help you determine the poverty line in Perkopia in 2010. To do this, begin by determining the total income of all individuals in each quintile, using the fact that total annual income in the economy is $500,000,000. Next, determine the income of…

What goods and services would you include in an estimate of the basic necessities for a family of four? How subjective is the concept of poverty line? How subjective is the concept of poverty line?

4. The Census Bureau recently created a new sup- plemental poverty measure, which defines the poverty threshold as the amount of money that the poorest third of Americans spend on food, clothing, shelter, and utilities. Journalist Robert Samuelson [2010] proposed the following thought experiment: Suppose that all Americans doubled their incomes tomorrow, and suppose that their spending on food, clothing, shelter, and utilities doubled as a result. What would happen to the number of people in poverty ac- cording to this new supplemental measure? Does this strike you as a desirable measure?

Please give all answers and take like

A sobering census report: Americans' meager income gains The Census Bureau reported that median household income rose 0.7 percent in 2006 to $48,210, but it was still about $1,000 less than in 2000, before the start of the last recession. Households living in poverty fell to 12.3 percent from 12.6 percent in 2005. But in 2006, 36.5 million Americans were living in poverty-5 million more than in 2000, when the poverty rate was 11.3 percent. Source: The New York Times, August 29, 2007 How did income inequality change during 2000, 2005, and 2006? *** During 2000, 2005, and 2006, OA. income inequality increased in all quintiles OB. income inequality decreased at the upper end of the income distribution OC. at the lower end of the income distribution, income inequality increased between 2000 and 2005 and then decreased slightly during 2006 OD. income inequality decreased in all quintiles Search Next