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Chapter 15: Q.31 (page 378)

If a family of three earned $20,000, would they

be able to make ends meet given the official poverty threshold?

Short Answer

Expert verified

Family of three would hardly be able to survive on an earning of $20,000.

Step by step solution

01

Step 1. definition 

Poverty threshold orpoverty line refers to the minimum level of income that is required to meet the basic needs.

02

Step 2. Explanation

Officially, $19350 would be the threshold poverty for three people in 2013, If a family of three earned $20,000, they would hardly be able to make ends meet.

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Most popular questions from this chapter

Suppose there are two possible income distributions in a society of ten people. In the first distribution, nine people would have incomes of \(30,000 and one person would have an income of \)10,000. In the second distribution, all ten people would have incomes of $25,000.

a. If the society had the first income distribution, what would be the utilitarian argument for redistributing income?

b. Which income distribution would Rawls consider more equitable? Explain.

c. Which income distribution would Nozick consider more equitable? Explain.

Who is included in the top income quintile?

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?

How does the TANF attempt to loosen the poverty trap?

Exercise 15.2 and Exercise 15.3 asked you to

describe the labor-leisure tradeoff for Jonathon. Since,

in the first example, there is no monetary incentive for

Jonathon to work, explain why he may choose to work

anyway. Explain what the opportunity costs of working

and not working might be for Jonathon in each example.

Using your tables and graphs from Exercise 15.2 and

Exercise 15.3, analyze how the government welfare

system affects Jonathan’s incentive to work.
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