ECONOMICS
INCOME DISTRIBUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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0.85
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0.4
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0.35
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0.7
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Detailed explanation-1: -In 2014, average household income before accounting for means-tested transfers and federal taxes was $19, 000 for the lowest quintile and $281, 000 for the highest quintile. After transfers and taxes, those averages were $31, 000 and $207, 000.
Detailed explanation-2: -The first quintile represents the lowest 1/5 of values from 0-20% of the range. The second quintile includes the values from 20-40%, the third quintile includes 40-60%, the fourth quintile includes 60-80%, and the fifth quintile includes the highest 1/5 of values from 80-100%.
Detailed explanation-3: -In 2017, average household income before accounting for means-tested transfers and federal taxes was $21, 300 for the lowest quintile and $309, 400 for the highest quintile. After transfers and taxes, those averages were $35, 900 and $229, 700.
Detailed explanation-4: -Quintiles are based on per capita income. The first quintile is the poorest 20%, while the 5th quintile is the richest 20%. The LAC aggregate is based on 18 countries in the region for which microdata are available at national level.