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Lecture 2 Notes - Econ 101 Introduction to Microeconomics...

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  Econ 101 Introduction to Microeconomics Professor Richard V. Burkhauser Income Inequality in the 1990s Income Inequality in the 1990s Burkhauser, Richard V., Kenneth A. Couch, Andrew J. Houtenville, and Ludmilla Rovba. Income Inequality in the 1990s: Re-forging a Lost Relationship? Journal of Income Distribution , 12(3-4) (2003-2004): 8-35. Burkhauser, Richard V., Takashi Oshio, Ludmila Rovba. Winners and Losers over the 1990s Business Cycles in Germany, Great Britain, Japan and the United States. Schmollers Jahrbuch . (forthcoming).
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Econ 101 – Professor Burkhauser Question 1: What is your best guess of your household’s before tax income last year? a) 0 - $17,783 b) $17,784 - $33,882 c) $33,883 - $54,200 d) $54,201 - $84,710 e) $84,711 - $114,674 f) $114,675 - $150,380 g) $150,381 - $210,631 h) $210,632 - $390,845 i) $390,845+
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Econ 101 – Professor Burkhauser Question 2: The 1980s have been described as a period when the rich got richer, the poor got poorer, and large portions of the middle class became poorer. Is this an accurate view of the 1980s? a) Yes b) No
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Econ 101 – Professor Burkhauser Question 3: The 1990s have been described as a period when the rich got richer, the poor got poorer, and large portions of the middle class became poorer. Is this an accurate view of the 1990s? a) Yes b) No
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Econ 101 – Professor Burkhauser Question 4: In the 1990s, all Americans improved their economic wellbeing, but African Americans, single women with children, and those receiving welfare did better than average. Is this an accurate view of the 1990s? a) Yes b) No
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Econ 101 – Professor Burkhauser Figure 1. Real Median Household Income in the United States: Total Population, 1970 to 2003 (in 2002 dollars) 32000 34000 36000 38000 40000 42000 44000 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Year Median Income Peak Peak Peak Trough Trough Peak to Peak Median American Household Better Off
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Econ 101 – Professor Burkhauser Figure 2. Poverty Rate in the United States: Total Population, 1970 to 2003
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