Which of the following statements best describes income distribution in the United States?
(A) Most people earn the same income.
(B) The richest 20 percent of the population has about 20 percent of the national income.
(C) The richest 20 percent of the population has a much greater share of income than the poorest 20 percent.
(D) The richest 20 percent of the population has slightly more income than the poorest 20 percent.
Ans: (C) The richest 20 percent of the population has a much greater share of income than the poorest 20 percent.
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An increase in the price of cameras results in a decrease in the demand for film. The two products are
a. complements. b. unrelated. c. defective d. substitutes
Heuristics:
A. are rules of thumb that generate decisions that generally maximize net benefits. B. take a long time to develop and are therefore avoided by rational decision makers. C. are shortcuts that save time and energy in decision making. D. always waste mental resources by leading people to suboptimal outcomes.