ECON 2304 Chapter Notes - Chapter 20: Marginal Utility, Economic Mobility, Political Philosophy
27 Nov 2016
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Chapter 20 textbook notes: income inequality and poverty. Assess how much inequality exist in society. Consider some different views about the role of government in disruption of income. Discuss various public policies aimed at helping society"s poorest members. Bottom fifth received 3. 8-4. 1% of total us income. Top fifth received 48. 9-51. 7% of total us income. Us have more disparity than economically advanced countries. Us have less disparity than some developing countries. Poverty rate percentage of the population whose family income falls below the poverty line. Poverty line absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty. Poverty does not affect all groups with equal frequency: poverty is correlated with race. Black and hispanics are about 3 times more likely to live in poverty than are whites: poverty is correlated with age.
