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Exam 20: Income Inequality and Poverty

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Question 191

Multiple Choice

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Miguel is a 20 year old college student who works part-time and earns an annual income of $12,000. To smooth out his life cycle changes in income, Miguel can

A) save his earnings to use when he is middle-aged.
B) lend money to a friend to purchase a new car.
C) borrow money to pay for college, which he will later repay when his income rises.
D) attempt to pay for college from his current earnings.

E) A) and C)
F) None of the above

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Question 192

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Based on U.S. data for 2011, the poverty rate is the highest for which group of people?

A) children
B) married couples
C) female-headed households, no spouse present
D) the elderly

E) A) and B)
F) None of the above

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Question 193

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Which of the following is most likely to occur when the government enacts policies to make the distribution of income more equal?

In 2011 the top 5 percent of income earners accounted for over 50% of all income received by United States' families.

The Supplemental Security Income (SSI) program focuses on the poor who are sick or disabled.

A typical worker's normal or average income is called

The United States has more income inequality than Japan, Germany, and France.

According to the doctrine of liberalism, principles of justice are the result of

Table 20-14 James, Luke, Peter, Micah, and Sarah are the only five inhabits of Marketsville. The following table shows their income. ​ ​ -Refer to Table 20-14. According to the table, what percentage of individuals in Marketsville have an income above $90,000?

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, how many more percentage points of total income did the top fifth of the population earn compared to if the income distribution were completely equal?

Table 20-13 The following table shows the distribution of income in Widgetapolis. ​ -Refer to Table 20-13. If the poverty line were $19,915, what would be the poverty rate?

Figure 20-3 -Refer to Figure 20-3. Which of the following best describes the poverty rates by age from 1965 to 2011?

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 of three with one child?

Table 20-10 *A Gini coefficient is a commonly used measure of income inequality, with values between 0 and 1 (0 corresponds to perfect equality whereby everyone has exactly the same income, and 1 corresponds to perfect inequality where one person has all the income, while everyone else has zero income) . Source: The World Bank -Refer to Table 20-10. Which country has the most equal income distribution?

The poverty rate is the percentage of the population whose family income falls below an absolute level called the .

Jermaine believes that it is important to maximize the well-being of the worst-off person in society. He believes in the principle called the .

Table 20-13 The following table shows the distribution of income in Widgetapolis. ​ -Refer to Table 20-13. If the poverty rate is 33%, where is the poverty line in Widgetapolis?

A disadvantage of the Earned Income Tax Credit (EITC) program is that it does not help alleviate poverty due to unemployment, sickness, or other inability to work.

Which political philosophy believes that the government should equalize the incomes of all members of society?

In 2011, what percentage of U.S. families had income levels below $75,000?