Plato wrote that the wealthiest person in a community would earn no more than five times what the ordinary worker in their community made in a just society. Contemporary US society is far from Plato's ideal. According to the Census Bureau, in 2019, the household median is around $68,703. At the same time, the top 5% average household income is $451,122, which means that the top 5% of the income distributions make 6.57 times more than the median household. This result will be much higher for the top 1%. In contrast, the worldwide average is around $10,000. Please answer the following: • Is this fair? • Are the salaries of people at the top the result of efficient work, hard work, or is this the result of unchecked greed and power from elites? • Is the disparity between average earnings in the US and the rest of the world the result of these same forces?
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- A group of 10 people have the following annual incomes: $24,000, $18,000, $50,000, $100,000, $12,000, $36,000, $80,000, $10,000, $24,000, $16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?If in 2009 Indonesia had a Gini index of income distribution of 36.8 and Brazil had a Gini index of 53.9 this means: Select one: That the income distribution was more equal in Brazil than in Indonesia.. That 36.8% of the population in Indonesia and 53.9% of the population in Brazil had an income that was below the average off their respective country. That only 36.87% of the population in Indonesia and 53.97% of the population in Brazil participate in the income redistribution policies of their respective country. O c. Od. That the income distribution was more equal in Indonesia than Brazil. O a. O b.Qn 1. According to the News Wire “Inequality,” what is the average per capita income innations where the highest-income decile gets (a) over 45 percent of totalincome? (b) less than 30 percent of total income?
- The figure below shows the proportion of children in earnings quantile conditional on their father's earnings quantile in the US and Denmark, respectively. Based on this information, which of the following statements is correct? US I Child in poorest 20% I Child in richest 20% DENMARK 0.400 0.4 0.4 0.360 0.337 0.3 0.3- 0.253 0.2 0.2 0.167 0.161 0.098 0.1 0.1 0.074 Poorest 20% Richest 20% Poorest 20% Richest 20% Father's earnings quintile Select one: O a. In Denmark, it is far more difficult for the richest families to preserve their status for the next generation than in the US. O b. In the US, 7.4% of those from the poorest 20% of families managed to move up to become part of the richest 20%. O c. The figure suggests that there is very little governments can do to reduce intergenerational transmission of economic status. O d. The data provides support for the "American Dream", a term coined in 1931 by James Truslow Adams that refers to "a dream of social order in which each man and…Due to a stagnant income for 23 years, the number of Mexicans who cannot buy the basic basket has been practically the same since 1992. According to data from the National Council for the Evaluation of Social Development Policy (Coneval), in 2014, the 53.2 percent of the population had income below the welfare line, and a monthly per capita income of 3,115 pesos. In 1992, when poverty began to be measured in Mexico, it was 53.1 percent of the population, with an average income of 3,322 pesos. The basic product consumption basket is a necessary element to calculate inflation through the (INPC / GDP deflator / interest rate) _______________________________Question 20 - A group of eight people have the following annual incomes: $10,000; $9,000: $15,700; $5,000; $6,500; $13,500; S12,000; and $8,300. Calculate the share of total income that people in the fourth quartile receive from this incorne distribution. Enter your answer in the box below rounding to one decimal place. Answer
- The table below presents the system in the country of Boonton. The numbers indicate the percentage of income in that bracket that is taxed. For example, someone making $13,000 would be taxed 23% of that amount. Income Earned Tax % applied to that Income Under $15,000 23 $15,001 - $30,000 24 $30,001 - $45,000 25 $45,001 - $60,000 27 If a household in Boonton currently makes $20000, how much do they owe in taxes?Consider the following table with individuals in a country and their incomes: Individuals Income 1 15 30 4 45 55 6 70 7 85 8. 100 115 10 130 Total 650 O The ratio of income received by the top decile to the bottom quintile is 3.5. O The ratio of income received by the top decile to the bottom quintile is 7.3. O The ratio of income received by the top decile to the bottom quintile is 4.3. O The ratio of income received by the top decile to the bottom quintile is 6.5.The Great Recession of 2007-2009 hit young people particularly hard, with long-lasting effects. The U.S. unemployment rate for 20- to 24-year-olds went from 8.5% in 2007 to 16% in 2009, stayed above 13% through 2012, but fell to 7% by the first half of 2018. As a result, more adult children moved back to live with their parents or asked for financial help than in previous years. The share of 25- to 34-year-olds living in multigenerational households rose from 11% in 1980 to 15% in 2016. A recent survey finds that 41% of parents provide financial support to their 23- to 28-year-old offspring. Indeed, parents give 10% of their income on average to their adult children. Mimi wants to support her son Jeff if he looks for work but not otherwise. Jeff (unlike most young people) wants to try to find a job only if his mother will not support his life of indolence. Mimi and Jeff's payoff matrix is illustrated in the figure to the right. If Jeff and Mimi choose actions simultaneously, what are…
- A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Complete the table. Income Quintile Share of Income $15,000 Bottom $20,000 $30,000 2nd $30,000 $35,000 3rd $40,000 $45,000 4th $50,000 $55,000 Top $80,000 $4000 is taxed from the top earner and transferred to the lowest earner Would this transfer increase, decrease, or have no effect on income inequality in this group? Redistributing income from the highest earner to the lowest one would reduce the utility of the top earner and increase the utility of the lowest earner. But what would happen to overall utility in the economy? Would it increase, decrease, or remain the same? Explain your answer. (Hint: does the marginal utility of income diminish as one earns more?)A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Complete the table. Income Quintile Share of Income $15,000 Bottom $20,000 $30,000 2nd $30,000 $35,000 3rd $40,000 $45,000 4th $50,000 $55,000 Top $80,000 If $4000 is taxed from the top earner and transferred to the lowest earner, would that increase or decrease the share of income held by the top quintile? Would this transfer increase or decrease the share of income held by the bottom quintile? Would this have any effect on the 2nd quintile? The 3rd? The 4th? Would this transfer increase, decrease, or have no effect on income inequality in this group? Redistributing income from the highest earner to the lowest one would reduce the utility of the top earner and increase the utility of the lowest earner. But what would happen to overall utility in the…A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Complete the table. Income Quintile Share of Income $15,000 Bottom $20,000 $30,000 2nd $30,000 $35,000 3rd $40,000 $45,000 4th $50,000 $55,000 Top $80,000 If $4000 is taxed from the top earner and transferred to the lowest earner, would that increase or decrease the share of income held by the top quintile? Would this transfer increase or decrease the share of income held by the bottom quintile? Would this have any effect on the 2nd quintile? The 3rd? The 4th? Would this transfer increase, decrease, or have no effect on income inequality in this group? Redistributing income from the highest earner to the lowest one would reduce the utility of the top earner and increase the utility of the lowest earner. But what would happen to the overall utility of the…