What is the us governments definition of poverty

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Assume you have the following income distribution data for the residents of Disneyland: Pluto $15,000 Donald Duck $20,000 Ticket Taker $5,000 Minnie Mouse $25,000 Mickey Mouse $35,000

1. The percentage of Disneyland income held by the lowest quintile is 15%. True or false, and why?

2. Assume that a perfectly equal distribution of income exists in Disneyland. Which of the current residents would have the same income as in the present distribution?

3. Now assume that Mickey Mouse becomes a meanspirited authoritarian dictator. His income is $99,996. Each of the other characters receives $1. Describe what this income distribution would look like on a Lorenz curve.

4. What is the U.S. Government's definition of poverty?

5. List and briefly explain two advantages and two disadvantages of a more equal distribution of income.

Reference no: EM13213730

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