Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
Question
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Chapter 18, Problem 3QAP

(a)

To determine

Calculate the amount of money used for food per person.

(b)

To determine

The amount of money spend for everything else.

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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
Talk with some classmates about how much a family of four (two parents and two young children) in your area would have to pay each year for food, clothes, a place to live, energy, and other basic needs. What number do you get? How does this amount of money relate to the 2010 poverty line of $ 22, 213 for a family of four?
Nearly One-Third of U.S. Workers Make Less than $15 an Hour Source: Leslie Albrect, MarketWatch.com, March 23, 2022 At a time when the prices of groceries, gas and other essentials have soared to new heights, nearly one- third of U.S workers earn "poverty-level wages" of less than $15 an hour. That's according to a new data analysis from the global poverty charity Oxfam, which found that 51.9 million U.S. workers make less than $15 an hour, or $31,200 a year. "It's shameful that at a time when many U.S. companies are boasting record profits, some of the hardest working people in this country especially people who keep our economy and society functioning - are struggling to get by and falling behind." said the report's author, Kaitlyn Henderson, senior research advisor at Oxfam America. " Women and people of color are "vastly overrepresented" in these low-wage jobs, the report found, with 47% of Black people making less than $15 an hour versus 26% of white people. Some 50% of working…
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