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Chapter 30: Problem 25

The richest fifth of all American families receives _____ percent of our total income. a) almost 35 b) about 50 c) more than 60 d) more than 75

Short Answer

Expert verified
From the research, the correct answer is: b) about 50

Step by step solution

01

Understand the options

Review the possible options: a) almost 35 b) about 50 c) more than 60 d) more than 75
02

Do some research

Look up credible sources to find the percentage of total income received by the richest fifth of American families.
03

Analyze the research result

Based on the research you conducted, determine the answer that best fits the percentage of total income received by the richest fifth of American families.
04

Choose the correct option

Select the option that matches the percentage found in the research.

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Most popular questions from this chapter

Which of the following statements is the most accurate? (LO5, 6) a) The welfare rolls today are much lower than they were in \(1996 .\) b) About 1 in 8 Americans lives below the poverty line. c) Without Social Security benefits, at least 75 percent of all senior citizens would be poor. d) The Welfare Reform Act of 1996 has cut the poverty rate by almost 60 percent.

Which statement is true? (LO2) a) All of the 10 richest Americans inherited their fortunes. b) In order to make the top ten list of American billionaires, you need a fortune of over \(\$ 15\) billion. c) The two richest families in the United States today are the Rockefellers and the Fords. d) Most of the 10 richest Americans own large manufacturing companies.

Which one of the following statements is false? (LO5) a) Nearly half of all poor Americans own their own homes. b) A poor person today has roughly the same standard of living as a middle- income person 30 years ago. c) The reported consumption spending of people in the lowest income quintile is about twice their reported income. d) The standard of living of American's poor is comparable to that of most of the rest of the world's poor people.

Each of the following is a major source of great wealth except _____. a) earning large salaries b) starting up new companies c) real estate d) inheritance

Which statement is true? (LO1,2) a) If we redistributed income every year so that everyone would get the same amount, this would hurt the efficiency of our economy. b) Virtually everyone agrees that we should redistribute most of the income received by the rich to the poor. c) The poor get a great deal more satisfaction from each additional dollar of income than the rich. d) There is no relationship between the distribution of income and economic incentives.
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