Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn

Exercise 13

HOW MUCH FAMILY INCOME DOES IT TAKE TO BE IN THE RICHEST 5 PERCENT Go to the U.S. Census Bureau Web site, www.census.gov, and select Income (under People), Historical Income Tables (CPS), and Income Inequality. What is the lower limit of household income for the richest 5 percent of families in the most recent year listed Do the historical data in the table suggest the poor are getting poorer and the rich are getting richer in absolute terms Return to the site's tables (under Housheolds) and determine what has happened to the relative income share of the richest 5 percent of households over the last 10 years listed.