US17L1 - US17L1 1 The richest 1 percent of Americans own...

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US17L1 1 The richest 1 percent of Americans own approximately ________________. 9 percent of the wealth one third of the wealth $193,000 worth of wealth one third of all property 2 A curve that illustrates the relationship between the cumulative percentage of income and the cumulative percentage of households is called __________________. a cumulative curve an income curve a wealth curve a Lorenz curve 3 Poverty is a state where a household's income is insufficient to buy the _______ that are deemed necessary. food, shelter, and clothing food, clothing, and transportation non-taxable items food, shelter, and transportation 4 In 1997, the poverty level for a four-person family in the United States was an annual income of _______________. $10,000 $15,000 $20,000
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$16,813 5 The measured distribution of _______ is a more accurate indicator of the degree of economic inequality than the measured distribution of _______ because _______ data does not include _______. wealth; income; income; human capital income; wealth; wealth; human capital income; wealth; wealth; employment information wealth; income; income; holdings of real estate 6 An income tax that taxes income at a marginal rate that increases with the level of income is a ___________ income tax. regressive progressive proportional fair 7 The more that Clayton earns, the smaller is the proportion of the last dollar earned he is required to pay in income tax. Clayton faces a __________________ income tax. progressive regressive proportional flat-rate 8 A flat-rate tax is also called ______________________. a constant rate tax a proportional income tax a property tax an excise tax
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9 The redistribution of income creates the "big tradeoff", which is a tradeoff between _____________________. income and wealth equity and efficiency Supplementary Security Income and the Food Stamp program rich and poor 10 A _______ gives every family a guaranteed minimum annual income and taxes all income above the guaranteed minimum at a fixed marginal tax rate. welfare subsidy plan negative income tax welfare reform plan marginal income tax US17L2 1 Income is distributed _______ equally than wealth and the Lorenz curve for ______ lies closer to the line of equality. more; wealth
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US17L1 - US17L1 1 The richest 1 percent of Americans own...

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