Short Answer 3 NEW MIDDLE SOUTH £394.7 144.5 ALL COLONIES COLONIES ENGLAND £189.
ID: 2947480 • Letter: S
Question
Short Answer 3 NEW MIDDLE SOUTH £394.7 144.5 ALL COLONIES COLONIES ENGLAND £189.2 152.5 £161.2 can average Median average Distribution 252.0 108.7 74.4 1.2% 0.7% Bottom 20% Top 20% 0.8% 1?0% 69.6 67.3 65.9 52.7 Composition Land Slaves and servants Livestock Consumer-personal 60.5 4.1 11.3 8.4 45.9 33.6 8.8 5.1 53.0 71.4 0.5 7.5 11.2 22.1 6.7 Sauro? Adapted from Jones tat presented in Perkis 1988, 219. The above table provides data on asset holdings based on probate records from the three colonial regions in 1774. After adjusting for age and region, is your level of assets at the time of your death a good proxy for income (I pt)? Explain (4 pts). (Note: Ignore the issue of heritance. For the most individuals, heritance made up a small share of their assets.) Which region shows the highest level of inequality (I pt)? Explain your answer two different ways using the data in the table: First, use the information on the mean average and median average. Second, use the data on the "distribution" of assets (eg. Bottom and top 20%) (8 pts), what evidence in the table explains the South's willingness to fight the Civil War to prevent the abolishment of slavery (e.g. the freeing of slaves) (Ipt)?Explanation / Answer
a)
assets are a good proxy of income as it comprises of all the sources of income liivestock, land and salves etc adjusting for region and age we can see thart a person with more land and livestock can earn more as the main source of income in that time was platations and then trade on the goods produced.
b)
south has the most inequality
1) as the mean and median are very different this indicates that 50% of the people have an asset of ~144 but the average is ~400 so a few people have very large assets
2) as the difference between top 20% and bottom 20% is ~ 70% this indcates that a very small population holds more than 70% of the assets
c)
the south has the largets assets in slaves ~33 so they would be less reluctanct to let that go