Asked by Maria Amavizca on Jun 28, 2024
Verified
Statement I: The highest income quintile received about half of all income in 2008.
Statement II: Between 1968 and 2008 the percentage of income received by the highest quintile increased by almost 10 percent.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Income Quintile
A statistical measure that divides a population into five equal groups according to their income levels, used to analyze income distribution.
Highest Quintile
Refers to the top 20% of the population sorted by income or wealth, indicating those with the highest levels of each.
- Identify the allocation of income and wealth across the United States.
Verified Answer
JM
Jasmyne McGeeJul 01, 2024
Final Answer :
C
Explanation :
Both statements are true. The highest income quintile, or the top 20% of earners, has historically received a disproportionate share of total income, with this share increasing over time. Data from various sources, including the U.S. Census Bureau, confirm that the highest quintile's share of income has grown, supporting the accuracy of both statements.
Learning Objectives
- Identify the allocation of income and wealth across the United States.