According to Lerner, if we do not know people’s utility functions, we
a.cannot engage in redistributing incomes among people
b.can still assume that the marginal utility of a dollar for the rich is higher than for the
c.make less of a mistake by assuming that they are equal
d.should let the market determine the distribution of income
e.should assume they are unequal because it is the most likely
112. According to advocates of income inequality, if income were to be distributed equally,
a.productivity would increase
b.it would take a little time for the distribution to become unequal again
c.efficient allocation of resources would occur
d.the MRP of the poor would rise and the MRP of the rich would fall
e.productivity would decrease
113. What economic policy would increase the Gini coefficient?
a.Raise the minimum wage.
b.Increase the income taxes of the rich.
c.Increase unemployment benefits.
d.Lower the minimum wage.
e.Raise price floors for farmers.
114. Advocates of income inequality argue that government policy designed to lower the Gini
coefficient significantly would likely cause, in the long run,
b.the poor’s share of national income to fall
c.the income of the poor to decline
d.equality of income
e.saving and investment to rise
115. The two standard ways of defining poverty thresholds are
a.percentage of median income and basic needs
b.number of poor and quintiles
c.unearned income of the poor and and welfare
d.ratio of the poor’s wealth and ratio of the poor’s income
e.below minimum wage income and above minimum wage income
116. If the poverty threshold is set at 60 percent of median income, and if median income were
$20,000, then people in poverty earn less than
117. If the poverty threshold is set at 50 percent of median income, and if the poverty line is
$10,000, what is median income?
118. The U.S. basic needs threshold of poverty is determined by the
a.President of the United States
b.United States’ Congress
c.Department of Commerce
d.Bureau of Labor Statistics
119. Which of the following groups has the highest percentage below the poverty threshold?
Diff: 3a.householder with no high school diploma
b.family with seven or more people
120. The percentage of U.S. families below the poverty line is approximately
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