Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to the U.S. Census Bureau, income inequality in the United States was significantly higher in 2018 than in 2017, with the gap between

 

According to the U.S. Census Bureau, income inequality in the United States was "significantly higher" in 2018 than in 2017, with the gap between the richest and poorest households the largest it has been in the last 50 years. At the same time, median U.S. income hit its highest level ever, with a national economy experiencing low unemployment and more than 10 years of consecutive GDP growth. According to Rutgers University Professor William M. Rogers III, the most troubling aspect of this report is that it "clearly illustrates the inability of the current economic expansion, the longest on record, to lessen inequality. The Census Bureau report also states that the nation's poverty rate fell in 14 states and Puerto Rico, and that for the 25 largest U.S. cities, the poverty rate either remained the same or fell in 2018. Source: Bill Chappell, "U.S. Income Inequality Worsens, Widening To A New Gap", NPR, September 26, 2019. Refer to the Article Summary. The article discusses income inequality and how economic growth alone has not resulted in a more equitable distribution of income. Would an equitable distribution of income necessarily be the most efficient distribution of income? Yes in order for the distribution to be equitable, it must also be efficient. No, an economically efficient distribution of income would not necessarily be equitable. Yes, equitable and efficient are two different words which have the same definition. No, it is impossible to have an economically efficient distribution which is also an equitable distribution,

Step by Step Solution

3.50 Rating (167 Votes )

There are 3 Steps involved in it

Step: 1

Answer B No an economically efficient distribution of income would not necessarily the e... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics Unlocking The Power Of Data

Authors: Robin H. Lock, Patti Frazer Lock, Kari Lock Morgan, Eric F. Lock, Dennis F. Lock

1st Edition

0470601876, 978-0470601877

More Books

Students also viewed these General Management questions

Question

Why are positive stereotypes harmful?

Answered: 1 week ago

Question

At what point does a behavior change from nonviolent to violent?

Answered: 1 week ago