Please help. These are the last problems in my assignments that I can\'t figure
ID: 1210255 • Letter: P
Question
Please help. These are the last problems in my assignments that I can't figure out.
1) The data in the textbook used to examine income distribution is presented in terms of which of the following?
a. deciles of the population ranked from lowest to highest
b. quartiles of the population ranked from lowest to highest
c. quintiles of the population ranked from lowest to highest
d.real GDP per capita
e. real GDP
2) In considering the basic income distribution data, economists suggest making a correction for which of the following?
a. The average tax rate faced by the people in each quintile.
b. The number of homes owned by the families in each quintile.
c. The actual number of hours worked by the people in each quintile.
d. The physical location (region of the country) of the people in each quintile.
e. The relative number of men and women in each quintile.
3) An individual's income is determined by which of the following equations?
a. salary plus rent plus profit plus capital gain
b. labor income plus asset income plus transfer payments minus taxes.
c. hours worked multiplied by the hourly wage.
d. nominal income divided by some measure of the price level
4) The relationship between cumulative percentage of households and cumulative percentage of income is measured by the:
a. Least-Cost Curve
b. Veil of Ignorance
c. Engel Curve
d. Marginal Productivity Theory
e. Lorenz Curve
5) Which of the following statements about the Gini Coefficient are correct?
a. It ranges in value from +1 to -1.
b.The lower the value the more equal the income distribution.
c. It tells us what is happening in each of the quintiles.
d. All of the above are true.
e. None of the above are true.
Explanation / Answer
1) The data in the textbook used to examine income distribution is presented in terms of which of the following?
c. quintiles of the population ranked from lowest to highest.
2) In considering the basic income distribution data, economists suggest making a correction for which of the following?
a. The average tax rate faced by the people in each quintile.
3) An individual's income is determined by which of the following equations?
a. salary plus rent plus profit plus capital gain.
4) The relationship between cumulative percentage of households and cumulative percentage of income is measured by the:
e. Lorenz Curve.
5) Which of the following statements about the Gini Coefficient are correct?
b.The lower the value the more equal the income distribution.
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