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- 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…Brining the income of those living on less than $1.25/day up to the minimal poverty line would require % of the income from the worlds wealthiest 10%. 02 03 01 05Answer to Part AAssume there are three voters: A, B and C. Voter preferences can be ranked along a left-to-right spectrum that ranges from 1-9; 1 being the most left leaning preference and 9 being the most right leaning preference. Suppose these voters will choose between candidates Smith and Jonesin an upcoming election.Assuming the following voter preferences:Voter ID Preference (1-9)A 4B 5C 6A. True/False Explain: If the median voter theorem holds, candidates Smithand Jones will either both adopt preference 5 OR one will adopt preference 4 while the other adopts preference 6.
- 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…The top 1 percent of American households hold nearly 40percent of the total wealth. T or F?Suppose the members of population A, consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5,000, $2,500, $1,250, $750, and $500, respectively. What percentage of total income is received by the highest 60 percent of the income receivers in population A? Multiple Choice O O O O 87.5 25 60 76.5 < Prev 5 of 10 www www www Ne
- A5 South Africa's top 10% of earners contribute almost half of all revenue, and the richest 10% of its residents holds 85.6% of net wealth, according to the OECD, which sees scope for the tax system to be used more to reduce inequality. Based on the above paragraph, which of the following statements is INCORREC A. South African 's bottom 90%of income earners contribute allof to the revenu B. South Africa's income inequality levels are very hig C. South Africa' s income inequality levels are very lo D. South Africa's income contribution is equalwheTA significantly larger proportion of higher social class children attend college than lower-class children. This islargely due to differences in ability among social classes. T or F?The following table shows income distribution data for 2015 and 2020 from the World Bank in Colombia and Dominican Republic respectively Quintile Colombia Colombia Dominican Republic Dominican Republic 2015 2020 2015 2020 Lowest 20% 3.8 2.8 5 6.2 Second 20% 7.9 7.4 9.3 10.7 Third 20% 12.5 11.9 13.8 14.9 Fourth 20% 20 19.6 20.9 21.7 Highest 20% 55.8 58.3 51 46.5 1. Consider a 12-person economy where the individuals are employed equally across thesectors. If the modern urban wage = £8, the informal urban wage = £3, and the traditionrural income = £1, what is the squared poverty gap index (P2) given that the poverty line= £1.25? Suppose that rural income now rises to £2, other things being equal, how wouldyou characterise and show this type of growth?
- 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?The following table shows income distribution data for 2015 and 2020 from the World Bank in Colombia and Dominican Republic respectively. Quintile Colombia Lowest 20% Second 20% Third 20% Fourth 20% Highest 20% a. 2015 3.8 7.9 12.5 20 55.8 2020 2.8 7.4 11.9 19.6 58.3 Dominican Republic 2020 6.2 10.7 14.9 21.7 46.5 2015 5 9.3 13.8 20.9 51 Given the adoption of the Sustainable Development Goals (SDGs) by the UN in September 2015, what can you say about the effect on relative income inequality in these two countries? Can it be illustrated graphically? b. Consider a 12-person economy where the individuals are employed equally across the sectors. If the modern urban wage = £8, the informal urban wage = £3, and the tradition rural income = £1, what is the squared poverty gap index (P₂) given that the poverty line = £1.25? Suppose that rural income now rises to £2, other things being equal, how would you characterise and show this type of growth?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?
