Solved >     41.              The study by economists Cox:1520924 …

 

 

41.              The study by economists Cox and Alm found that the 2006 after-tax income of the richest fifth of U.S. households is

a.equal to the after-tax income of the poorest fifth.

b.7 times the after-tax income of the poorest fifth.

c.14 times the after-tax income of the poorest fifth.

d.21 times the after-tax income of the poorest fifth.

42.              The study by economists Cox and Alm found

a.inequality in consumption is much smaller than inequality in annual income.

b.inequality in consumption is slightly smaller than inequality in annual income.

c.inequality in consumption is slightly larger than inequality in annual income.

d.inequality in consumption is much larger than inequality in annual income.

43.              The study by economists Cox and Alm found

a.the gap between rich and poor shrinks greatly if using after-tax income compared with pre-tax income.

b.the gap between rich and poor shrinks slightly if using after-tax income compared with pre-tax income.

c.the gap between rich and poor widens slightly if using after-tax income compared with pre-tax income.

d.the gap between rich and poor widens greatly if using after-tax income compared with pre-tax income.

44.              When comparing the percentage of income (or expenditure) of the lowest and highest 10 percent of the population,

a.South Africa has a more equal income distribution than the United States.

b.South Africa has a more equal income distribution than Japan.

c.Japan has a more equal income distribution than the United States.

d.Mexico has a more equal income distribution than Canada.

45.              Since about 1970 in the U.S.,

a.decreases in the wages of unskilled workers, relative to skilled workers, have led to increased inequality in family incomes.

b.increases in the wages of unskilled workers, relative to skilled workers, have led to increased equality in family incomes.

c.inequality in family incomes has increased, despite increases in the wages of unskilled workers relative to skilled workers.

d.inequality in family incomes has decreased, despite increases in the wages of skilled workers relative to unskilled workers.

46.              Which of the following statements is correct?

a.The United States has a more equal distribution of income than other developed countries such as Japan and Germany.

b.The statement “a rising tide lifts all boats” illustrates how economic growth reduces the number of people with income levels below the poverty line.

c.The economic life cycle explains why people base spending decisions on transitory income.

d.The United States has more income inequality than some developing countries, such as Mexico and Brazil.

Table 20-4

QuintileShares of Income by Quintile, 2000Shares of Income by Quintile, 2003Shares of Income by Quintile, 2007

Bottom Fifth4.3%4.1%3.4%

Second Fifth9.8%9.6%8.8%

Middle Fifth15.5%15.5%14.7%

Fourth Fifth22.8%23.2%22.8%

Top Fifth47.4%47.6%50.3%

47.              Refer to Table 20-4In 2007, the top fifth of families have

a.almost 15 times as much income as the bottom fifth of families.

b.96.6% more income than the bottom fifth of families.

c.50.3% more income than the bottom fifth of families.

d.46.9% more income than the bottom fifth of families.

48.              Refer to Table 20-4In 2007, the bottom 60% of families have

a.only 12% of total income in the U.S.

b.only 27% of total income in the U.S.

c.50% of total income in the U.S.

d.73% of total income in the U.S.

49.              Refer to Table 20-4Comparing data from 2000 and 2007, which of the following statements is correct?

a.There has been no change in overall income inequality because the share of income held by the fourth fifth is identical.

b.Overall income inequality has worsened slightly, as shown by the simultaneous increase in the share of income held by the top fifth and the decrease in the share of income held by the bottom fifth.

c.Overall income inequality has improved because the share held by the middle fifth has declined by almost 1%.

d.None of the above is correct.

Table 20-5

CountryGini Coefficient*

Sweden0.240

France 0.275

Italy   0.319

United Kingdom0.324

Portugal0.375

Latvia  0.387

*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).

50.              Refer to Table 20-5Which country has the most equal income distribution?

a.Latvia

b.Italy

c.France

d.Sweden

 

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