The Social Security system is not an example of income redistribution policies b

Question

The Social Security system is not an example of income redistribution policies because everyone pays into the system.
Question 1 options:
True
False
After adjusting for taxes and transfers for the income distribution for the United States, the Gini coefficient:
Question 2 options:  
rises.  
gets closer to 1.  
is 0.  
declines.
Public education was created in an effort to minimize some of the income disparities that may exist.
Question 3 options:
True
False

Two-income families account for over 75% of the highest quintile of national income.
Question 4 options:
True
False

Question 5 (1 point) Question 5 Unsaved
_____ is a stock measure of an individual's or family's assets, net of liabilities, at a given point in time.
Question 5 options:
An asset
Wealth
Income  
All of the answers are correct.

Incomes may be skewed in favor of some groups rather than others because:
Question 6 options:
in competitive markets, all workers receive equal pay for equal work.
some people will invest more in themselves to improve their productivity and income than others.
control over wages accrues more to those who work in competitive markets.
The members of these groups belong to a labor union, and this does not happen outside labor unions.

_____ is a flow measure reflecting the funds received by individuals or households over a period of time.
Question 7 options:
An asset
Wealth
Income  
All of the answers are correct.

Which of the following is not a measure of income?
Question 8 options:
your earnings this week from your part-time job
your family's earnings during last year
your assets as of July 1, 2008
your earnings for the month

Gini coefficients are measures of an economy's income inequality.
Question 9 options:
True
False

The functional distribution of income:
Question 10 options:  
measures the Gini coefficient.  
measures national income shares allocated to the factors of production.
measures the percentage of income going to the specific segments of the population.  
measures the flow of income allocated to the functional divisions of labor (agriculture, services, and manufacturing).

Which of the following is a tax on income?
Question 11 options:
the Social Security payroll tax
a motor vehicle registration fee
a property tax  
the earned income tax credit

The Census Bureau has recently developed a new measure of poverty that:
Question 12 options:
multiplies the cost of a food plan by 5 instead of 3.
ignores the imputed return on home equity.  
is based on after-tax income plus capital gains.
ignores differences in family size.

Explanation / Answer

1) The Social Security system is not an example of income redistribution policies because everyone pays into the system.

True

2)After adjusting for taxes and transfers for the income distribution for the United States, the Gini coefficient:

declines.

3)Public education was created in an effort to minimize some of the income disparities that may exist.

False

4)Two-income families account for over 75% of the highest quintile of national income.

False

5) Wealth____ is a stock measure of an individual's or family's assets, net of liabilities, at a given point in time.

6) Incomes may be skewed in favor of some groups rather than others because:

some people will invest more in themselves to improve their productivity and income than others.

7) Income_____ is a flow measure reflecting the funds received by individuals or households over a period of time.

8) Which of the following is not a measure of income?

your assets as of July 1, 2008

9) Gini coefficients are measures of an economy's income inequality.

True

10) The functional distribution of income:

measures national income shares allocated to the factors of production.

11) Which of the following is a tax on income?

the Social Security payroll tax

12) The Census Bureau has recently developed a new measure of poverty that

multiplies the cost of a food plan by 5 instead of 3.

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