Question 1

Which of the three political philosophies discussed in the textbook, if any, think the government should not take from some individuals and give to others to achieve any particular distribution of income?

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Question 2

Economists Cox and Alm compared the gap between rich and poor and found that the richest 20% was about 2 times better off than the poorest 20% when they compared what data?

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Question 3

In the US, is it more likely that someone will become a millionaire by making money on his/her own or by inheriting a fortune?

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Question 4

Which political philosophy argues that the government should choose policies to maximize the total utility of everyone in society?

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Question 5

A government policy aimed at protecting people against the risk of adverse events is called .

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Question 6

People can borrow and lend money to smooth out short term variations in income known as what kind of changes?

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Question 7

Which political philosophy concludes that equality of opportunities is more important than equality of outcomes?

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Question 8

The life-cycle pattern of income variation causes inequality in the distribution of annual income, but it does not necessarily represent .

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Question 9

Jermaine believes that it is important to maximize the well-being of the worst-off person in society. He believes in the principle called the .

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Question 10

What is the term for a measure of happiness or satisfaction a person receives from his or her circumstances?

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Question 11

Which of the three political philosophies discussed in the textbook, if any, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal?

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Question 12

If a father earns 20% above his generation's average income, his son will most likely earn what percent above his generation's average income? What does this statistic indicate?

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Question 13

In a typical 10-year period, about one in four families falls below the poverty line in at least one year. What percentage of families are poor for eight or more years?

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Question 14

Economists Cox and Alm compared the gap between rich and poor and found that the richest 20% was about 15 times better off than the poorest 20% when they compared what data?

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Question 15

Which political philosophy argues that the government should choose policies deemed just, as evaluated by an impartial observer?

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Question 16

Goods and services given to the poor such as food stamps, housing vouchers, and medical services are called

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Question 17

The regular pattern of income variation over a person's life is called the .

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Question 18

Which philosopher claimed that the government should aim to maximize the well-being of the worst-off person in society?

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Question 19

If in-kind transfers were included in income at their market value, what would happen to the number of families below the poverty line?

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Question 20

On what type of income do many economists believe that people base their consumption?

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Quiz 20: Income Inequality and Poverty