Which of the following statements is FALSE regarding wealth and poverty in Texas?
a) Household income in Texas is somewhat below the national average.
b) The income differential between the poorest and the wealthiest people in Texas is greater than the income differential between the poorest and wealthiest people in the United States as a whole.
c) The median income for African American and Latino families in Texas is lower than the median income for non-Hispanic white families.
d) The Texas Legislature has enacted legislation to try to decrease the income differential between the poorest and wealthiest people in the state.
e) The income gap is attributed to the state having a large population of poorly educated people.
Question 2
Which of the following statements is TRUE regarding the changing nature of the state's economy?
a) Because Texas is such a large state, developments in other nations have relatively little impact on the state's economy.
b) Because of the increased importance of technology in the work place, unskilled workers will be lucky to find jobs that pay much more than minimum wage.
c) Because of the lack of discovery of new oil fields in Texas, the petrochemical industry is likely to be phased out as a major growth sector in the state's economy in the next century.
d) An educated workforce is not important to the future economic growth of the state.
e) Oil and gas extraction and production will always be the most important industry in Texas.
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E9-23 Prepare income statements Explain the difference in operating income