Econ 2200 Module 1 Essay

1960 words - 8 pages

YOUR NAME: __ ______________TEAMMATE'S NAME (if applicable): __________N/A___________________Module 1 Written AssignmentDue by Wed, June 11 at 11:00 PM ESTAssessing a country's economic development status requires that we consider data on a number of variables. In the Module 1.2 PPT presentation, I presented data of GDP and per capita GDP, but these output measures do not give a complete picture of societal well-being. In this assignment, you will locate and analyze some of the other data that are used to measure economic development status.1. Income distribution and mobility: Even though per capita GDP is sometimes referred to as "per capita income," it isn't a true measure of individual or household income. (In other words, each American did not receive a check for $50,700 in 2012.) Figures 1.4-1.5 and Table 29.5 provide a better picture of the actual distribution of income. [22 total points]a. Based on your review of Figure 1.4, describe the current U.S. income distribution. Is it fairly equal? Use data to support your answer. (1-2 sentences) [4 point]The top/richest fifth of the population received 49.7% of the income, which is just about the same amount of income the rest of the four fifths of the population receives. Because of this ad also the huge gap between the top fifth (49.7%) and the bottom fifth (3.4%), the income distribution is not equal.b. How has the U.S. income distribution changed since the 1970s? Use data from Figure 1.5 and Table 29.5 to support your answer. (3-4 sentences) [6 points]Figure 1.5 shows how the bottom three lines(10,20,50 percentiles) remain pretty much constant at a very low income, while the higher the percentiles have an upward trend. When put into percentage terms (or Table 29.5), the percentage of total income received by the lower third fifths decreases, while the percentage of total income of the top fifth and fourth fifth continually increase. In 1970, the lowest fifth received 4.1% of total income and the highest fifth received 43.3% of total income, while in 2005, the lowest fifth received less of a percentage (3.4%), but the highest fifth received more of a percentage of total income(50.4%). Since the 1970s, the income distribution has changed, where the top two fifths of the population receives more and more income while the lowest three fifths of the population receive less and less income, making the gap between the top fifth and bottom fifth increasingly bigger over time.c. Table 1.2 presents data from a widely-cited study (Cox and Alm, 1995) on income mobility. For those who were in the lowest income quintile in 1975: [6 points]· what percentage remained in lowest quintile in 1991?5.1% who were in the lowest income quintile in 1975 were still there in 1991.· what percentage had moved to a higher income quintile in 1991?94.9% moved to a higher income quintile in 1991.· what percentage had moved to the highest income quintile in 1991?29% moved to the highest income quintile in...

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