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1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2018, the poverty line is set at an annual income of $40,850 for an individual. Share of Total Income in Perkopia (Percent) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2000 4.0 10.0 16.5 23.0 46.5 2006 3.8 15.0 22.5 49.0 2012 3.4 8.8 14.8 22.0 51.0 2018 3.0 8.2 14.0 21.8 53.0 The data in the table suggest that there was income inequality from 2000 to 2018. Complete the following table to help you determine the poverty rate in Perkopia in 2018. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual in each quintile by dividing the total income of that quintile by the number of people in that quintile. (Hint: Recall that Perkopia has a population of 10,000 people. ) Finally, determine whether the individual income for each quintile falls below the poverty line of $40,850. Share of Income in 2018 Total Income Individual Income Quintile ( Percent) (Dollars) (Dollars) Below Poverty Line? Lowest 3.0 Second 8.2 Middle 14.0 Fourth 21.8 Highest 53.0Using the information in the previous table, the poverty rate in Perkopia in 2018 is v Suppose that the government introduces a welfare program in which any individual with an income of less than $40,050 per year receives a lump-sum transfer payment of $3,000 from the government. Assume that, in the short run, there is no change in labor-supply behavior among the people in Perkopia. In the year 2018, the poverty rate alter the introduction or the welfare program In Perkopia is v . Again, suppose the government introduces a welfare program in which any individual With an income of less than $40,050 receives a lump-sum transfer payment of $3,000 from the government. Teresa, a resident of Perkopia who currently earns an income of $40,050, has the opportunity to work overtime and earn an additional $1,500 this year. Which of the following statements are correct? Check all that apply. D Teresa would gain more income by turning down the overtime than she would if she accepted the overtime. D The $3,000 in aid creates a disincentive for Teresa to earn more than $40,550 per year