Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 18, Problem 7P
To determine
The poverty among the U.S. population that is less than 18 years old is as it was in the 1970s while poverty among the elderly population has decreased from 1959 and 1974 and has continued to decline further. State the reason for the difference between the two age groups.
Concept Introduction:
Poverty rate - The rate at which the poverty increases or decreases from the given value of analysis.
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The table shows the distribution of personal income in the United States in 2016.
Percentage of
total income
Households
Poorest 20 percent
3.1
Second 20 percent
Third 20 percent
Fourth 20 percent
Richest 20 percent
8.2
14.3
23.2
51.2
For all U.S. households to receive an equal share of income, what percentage of total income would the poorest 20 percent of households have to receive from higher-income groups? What percentage would the second poorest
have to receive?
>>> Answer to 1 decimal place.
The poorest 20 percent of households would have to receive
percent.
The second poorest 20 percent of households have to receive
percent.
example of Socio economic aspect of income and employment
Which of the following statements is correct? [Select one answer]
Chronic poor are those whose incomes on average are above the poverty line but they never escape poverty.
No option is correct
Persistent poor are those whose incomes on average are below the poverty line but they never escape poverty.
Transient poor are those whose incomes on average are below the poverty line but they may escape poverty sometimes.
Chapter 18 Solutions
Econ Micro (book Only)
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