WorksheetsPOVERTY RATE/INCOME DISTRIBUTION.. MEASURING THE ECONOMY
Total questions: 13
Worksheet time: 7mins
What are some reasons that some workers make more/less than others? (CHOOSE ALL THAT APPLY)
education level
talent/skill level
work habits
family support and values
The POVERTY THRESHOLD is
lowest amount of income that a family can make to maintain a basic standard of living
highest amount of income that a family can make before they are considered rich
lowest amount of taxes that the gov't can collect
highest number of people in a family that is permitted by tax law
The gov't uses the POVERTY RATE to determine..
how much money poor people earn
how many people donate money to charity
how many people are living below the poverty threshold
how much money to take from the rich
Two ways to measure income inequality are..
poverty rate
GINI Index
Lorenz Curve
HS graduation rate
The rich generally pay more in income taxes than the poor (both in percentage of money taxed and in amount paid).
TRUE
FALSE
Some reasons why there is a continuing growth of income inequality include:
the economy is against families living in poverty
more single-parent households
educated/skilled workers are able to demand higher salaries
lower/semi-skilled jobs (manufacturing) are not as available
Over the last 2 decades the poverty rate in the US has continued to grow
TRUE
FALSE
The measurement used to determine the inflation rate is called the ___
GDP
CPI
Poverty Rate
GINI Index
The total dollar value of goods produced by a country in a year is known as the ___
GDP
CSI
Poverty rate
Lorenz Curv
When determining how much a country has produced, adjusting for inflation and price increases, we would use ___ as the measurement
Real GDP
Nominal GDP
CSI
Poverty threshold
when the cost of production continues to increase, it leads to higher prices.
demand pull inflation
wage price spiral
deflation
real GDP
When there is too much money chasing too few goods, you would get _..
demand pull inflation
cost push inflation
deflation
frictional unemployment
A world event, like a war or natural disaster, that cuts off supply of certain goods, leading to higher prices
wage price spiral
demand pull inflation
supply shock
deflation
