In 2012, how many people in America were counted as poor by the federal government?
a. 6.5 million
b. 16.5 million
c. 36.5 million
d. 46.5 million
In 2012, what percentage of the U.S. population lived in a household with income below the poverty line?
a. 2 percent
b. 5 percent
c. 8 percent
d. 15 percent
In 2012, the poverty line for a non-farm family of four was
a. 10,492.
b. 15,492.
c. 23,492.
d. 27,492.
Which concept is used by the U.S. government for the purpose of counting the poor?
a. poverty line
b. poverty gap
c. median income
d. nonfarm family income
To provide an example of a tax that is regressive rather than progressive, you would point to
a. the inheritance tax.
b. the federal income tax.
c. the tax on gasoline.
d. no tax, because there are no regressive taxes in the United States.
In 2012, the average compensation of the 100 highest-paid chief executive officers (CEOs) in the United States
a. was less than 500,000.
b. was almost 1 million.
c. was just over 12 million
d. exceeded 29 million.
If you wanted to add up the total economic assets owned by a person or family, you would be measuring
a. income.
b. social status.
c. wealth.
d. status base.
Marco earns 45,000 a year as a government employee and receives interest from several certificates of deposit (CDs). The money that comes from these sources each year represents his
a. wealth.
b. income.
c. socioeconomic status.
d. prestige.
According to the U.S. government, the 2012 median family income was
a. 401,395.
b. 50,395.
c. 62,241.
d. 70,395.
Since about 1980, income inequality among U.S. families has
a. been declining.
b. been increasing.
c. been holding steady.
d. been fluctuating up and down with no long-term change.
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