Options for 1 question (80%/40%/20%/60%) 2nd question Acaford (does/does not) sh

Question

Options for 1 question (80%/40%/20%/60%) 2nd question Acaford (does/does not) show income inequality. courses.aplia.com 1. Understanding income inequality rd with a population of 5,000 people. There are 1,000 high school students, 1,000 undergraduate students, 1,000 graduate students, 1,000 economics professors, and 1,000 retired economists. Suppose that the total annual income in the school student earns $7,000 annually: each undergraduate earns $12,000 annualily, each graduate student earns $20,000 anually each professor earns $56,000 annually; and each retiree earns $5,000 annually. economy is $100 million: Each high The following chart shows the income distribution for the town of Acaford 2 60 50 30 20+ 10 HighSchool Undergrads Grads Profs Retirees

Explanation / Answer

High school and retirees have income less than 10000 so they are counted as below poverty line.

Total number of people= 5*1000= 5000

Number of people below poverty line= 2*1000= 2000

Percentage of people below poverty line= 2000*100/5000= 40%.

Correct sequence- retirees, high school students, undergraduates, graduates, professor.

Income distribution of Acaford DOES show income inequality.

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