Question: According to Table 2.4, (a) What is the average income in the United States? (b) What percentage of the average income of people in the

According to Table 2.4,
(a) What is the average income in the United States?
(b) What percentage of the average income of people in the highest fifth would have to be taxed away o bring them down to that average?
TABLE 2.4 Unequal Incomes

Share of Total Income (Percent) 51.2% 23.2 14.3 8.2 3.1 2014 Income Income Group Highest fifth Second fifth Third fifth Fourth fifth Lowest fifth Average Income (Dollars) Above $112,000 $194,053 87,834 54,041 31,087 11,676 68,000112,000 41,00068,000 21,00041,000 0-21,000

Step by Step Solution

★★★★★

3.48 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a 75738 b 61 Explanation a The average income in the United State... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1297-B-E-M-E(8500).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

1. The sequence of decisions that affect scheduling is A) Short-term intermediate term long term B) Capacity planning aggregate planning master schedule short-term schedules C) Strategic...

1. Monopolistic competition refers to a market in which old boys act naturally as they transport tight slacks in the back of Dodge Ram pickup trucks. ___________ (True/False) 2. There are...

The Georgia Lighting Center stocks more than 3,000 lighting fixtures, including chandeliers, swags, wall lamps, and track lights. The store sells at retail, operates six days per week, and advertises...

According to Table 2.4: LO5 what is the average household income in the United States? what percentage of the average household income of people in the highest fifth would have to be taxed away to...

*1 The table shows shares of original (or market) income in the United States in 2002. Households Income (percentage) (per cent of total) Lowest 20 1 Second 20 7 Third 20 14 Fourth 20 23 Highest 20...

When a consumer withdraws $200 from her savings account and deposits the $200 into her checking account, Question 11 pts When a consumer withdraws $200 from her savings account and deposits the $200...

IN TWO THOUSAND WORDS, ANSWER THE FOLLOWING: Read the Material entitled as Sample Marketing Plan: Chill Beverage Company in Page 634-642 in Principles of Marketing by Kotler and Armstrong (2014) and...

Q1. review case study #1 Understanding Your Employee Benefits: Investing in your Retirement found on page 123 of your textbook. Please post your answers to the two questions found at the end of the...

Chapter 1 Operations and Productivity Section 1 What is Operations Management? 4) Operations management is the set of activities that creates value in the form of goods and services by transforming...

IN TWO THOUSAND (2,000) WORDS, ANSWER THE FOLLOWING: Read the Material entitled as Sample Marketing Plan: Chill Beverage Company in Page 634-642 in Principles of Marketing by Kotler and Armstrong...

Why are solid-state controllers preferred over conventional controllers? Give examples of their applications and explain their features.

In 2021, Kristina Danielson incorporated her catering business. No liabilities were transferred. Kristinas only asset that was transferred to the corporation was a delivery truck with an adjusted tax...

An american corporstaion is planning to purchase a manufacturing facility in mexico.The corporation is concerned about potential apreciation of the mexican peso before it completes the purchase.To...

29. There are n cards in a box numbered 1 through n. We draw cards successively and at random with replacement. If the ith draw is the card numbered i, we say that a match has occurred. (a) What is...

The market for pizza has the following demand and supply schedules: a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this...

Consider the following events: Scientists reveal that consumption of oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more...

Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: a. Draw the demand and supply curves. What is...

1.Two different methods are used to help children learn how to spell. Each child was given 60 words to spell, and it was noted how many words each child spelled correctly. Here are the counts for...

Imagine you are the district manager for Gord-a large automotive manufacturer.Gord assemblestheir carsat six different manufacturing plants across the city. In assembly plants thecompanies being the...

The answers above are wrong please help A population contains seven million Us and ve million 1s. What is the sampling distribution of the sample mean when the sample size is n = 5? Let X be the...