Chapter 28 HW - Jessica KInnick Chapter 28 1. From exhibit...

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Jessica KInnick Chapter 28 1. From exhibit 1, we see that the gap between the highest paid 20% and the lowest 20% is very large. In 1960, the top 20% got paid about eight times as much as the lowest 20% received. In 2004 the highest paid 20% received over 11 times more pay than the lowest 20%. Since 1970, the income for the lowest 20% has been decreasing while the highest 20% has seen an increase in pay. 2. Qualities that differ between the top 20% and the poorest 20% are the education in a household, age of household, marriage status, and the total hours worked by the group. Top income households have a high amount of high school and college degrees, are run by someone between 35-60 years of age, are a married couple family, and each earner in the family works about 26 hours. In the poorest income recipients there is a much lower number of high school and college degrees, the households tend to be run by younger people – mostly single parents, and less hours are worked per week. I think that these are fair because it shows the kind of recipe needed to rise to the top 20% of income recipients. 3. The trend for leisure time for Americans is that it has increased. From 1965 to 2003, leisure time increased by an average of 7.9 hours per week. However this is not evenly spread across education level. For men with a high school degree or less, leisure time rose by 10.2 hours, but only a 5.5- hour increase occurred for men with more than a high school degree. A similar situation occurs for women. An increase of 9.0 hours of leisure time per week for women with a high school degree or less was seen,
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This note was uploaded on 07/31/2011 for the course ECON 252 taught by Professor Measell during the Summer '11 term at Saint Marys College Indiana.

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Chapter 28 HW - Jessica KInnick Chapter 28 1. From exhibit...

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