Sociologist Dennis Gilbert Compares the Distribution of Income to a National

question 3

Multiple Choice

Sociologist Dennis Gilbert compares the distribution of income to a national pie that has been sliced into portions. In 2004, the wealthiest 20 percent of households received approximately __________ percent of the total income pie.

• A)25
• B)50
• C)75
• D)90

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Definitions:

Price Elasticity

The measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Price Doubles

A situation where the price of a good, service, or commodity increases to twice its previous level, affecting supply and demand dynamics.

Intensive Margin

The degree to which factors of production, such as labor, are utilized more intensely to increase output in the short term.

Consumption Changes

Variations in the amount and types of goods and services used by households over time.