iPad 10:19 PM bconline broward edu My Home Eco2023 MICROECON... Question 16 (1 p

Question

iPad 10:19 PM bconline broward edu My Home Eco2023 MICROECON... Question 16 (1 point) Over a 10-year period, most married-couple families in the second-lowest income quintile: O move to a higher income quintile O move to a lower income quintile. stay in the same income quintile O leave the labor force. Save Question 17 (1 point) The idea that society should maximize the welfare of the least well-off individual is called utility maximization O maxi-min principle. ratio of family income to poverty. O equimarginal principle. Save Question 18 (1 point) Suppose the poverty threshold is $15,000 and the average income of families in poverty is $8,000. O The ratio of income to poverty is about 1.8. O The income deficit cannot be computed because only data on average incomes are available. O The income deficit is $7,000. O Most people in this society are poor. 12% Wolf Horace

Explanation / Answer

Answer:

Over a 10-year period, most married couple families in the second lowest income quintile move to a higher income quintile.

The idea that society should maximize the welfare of the least well-off individual is called maxi-min principle.

Suppose the poverty threshold is $15000 and the average income of families in poverty is $8000 the income deficit is $7000.

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