In the United States, how does the income received by the richest 20 percent of individuals compare with the income received by the other 80 percent?
What will be an ideal response?
In the United States, the richest 20 percent of individuals receive about 51 percent of the nation's total income. Thus the other 80 percent of individuals receive the remainder, about 49 percent of the nation's income. So the richest 20 percent of the individuals receive almost the same amount as the other 80 percent of people.
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Which of the following statements is correct?
A. When marginal utility is positive, an increase in the quantity consumed will increase total utility. B. When marginal utility is zero, an increase in the quantity consumed will make total utility zero. C. When marginal utility is decreasing, an increase in the quantity consumed will decrease total utility. D. When marginal utility is positive, an increase in the quantity consumed will decrease total utility.
Policy tools to influence the macroeconomy include
A. Wars, natural disasters, and trade disruptions. B. Tax policy, government spending, and the availability of money. C. External shocks and internal market forces. D. Population growth, spending behavior, and invention.
If the Fed wished to eliminate an inflationary gap, which of the following would be an appropriate policy?
What will be an ideal response?
Economic growth will be associated with a constant price level when
A. the increase in aggregate demand is less than the increase in long-run aggregate supply. B. the increase in aggregate demand is more than the increase in long-run aggregate supply. C. the increase in aggregate demand is accompanied by a reduction in short-run aggregate supply. D. the increase in aggregate demand exactly equals the increase in long-run aggregate supply.