(Answered):Market Failure Poverty And Income 1 . . . .

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Assignment 1: Market Failure: Poverty and Income Inequality

Listed below are several summary statements from the 2010 Census report:

1. The official poverty rate in 2010 was 15.1 percent—up from 14.3 percent in 2009. This was the third consecutive annual increase in the poverty rate. Since 2007, the poverty rate has increased by 2.6 percentage points, from 12.5 percent to 15.1 percent.
2. In 2010, 46.2 million people were in poverty, up from 43.6 million in 2009—the fourth consecutive annual increase in the number of people in poverty.
3. Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to
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