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The four main forms of income that economists have identified include all of the

 The four main forms of income that economists have identified include all of the
                            following except

a.wages

b.wealth

c.rent

d.profit

e.interest

82.              A visual expression of income distribution is depicted by

a.the Gini coefficient

b.the IRS curve for incomes held by households

c.supply and demand curves for the four resources: labor, capital, land, and
entrepreneurship

d.the Lorenz curve

e.the diagonal on a Gini distribution

83.              In measuring income distribution, income and population are grouped by quintiles, each
                            of which represents ______ percent of the income and population

a.25

b.20

c.10

d.100

e.50

84.              Looking at a Lorenz curve, the first quintile viwed from the origin records the

a.the income held by the richest 50 percent of population

b.the income held by the richest 20 percent of population

c.the income held by the poorest 50 percent of population

d.the income held by the poorest 20 percent of population

e.the wealth held by the poorest 10 percent of population

85.              Perfect income equality is achieved if each population quintile receives what percent of
                            income?

a.20 percent

b.10 percent

c.75 percent

d.50 percent

e.100 percent

86.              When the Lorenz curve shifts closer to the diagonal, it indicates that

a.the rich are getting richer and the poor are getting poorer

b.total income is rising

c.the distribution of income is becoming more equal

d.the population is decreasing

e.the prices of goods that make up the Lorez curve are rising

87.              In an economy where one person receives all the income, the Lorenz curve is

a.the two sides of the right angle triangle

b.the diagonal

c.a U-shaped curve that lies below the diagonal

d.a U-shaped curve that lies above the diagonal

e.a downward sloping line from 100 percent of income (on the vertical axis) to 100
percent of population (on the horizontal axis)

88.              In an economy where the poorest quintile of the population receives 5 percent of the
                            income, the Lorenz curve at the quintile

a.is the diagonal

b.registers 5 percent of the income

c.lies above the diagonal

d.registers 95 percent of the income

e.of the richest quintile must be 95 percent of the income

89.              If the poorest 80 percent of the population receives 75 percent of the income, then the

a.richest quintile receives 20 percent of the income

b.Lorenz curve lies on the diagonal

c.richest quintile receives 25 percent of the income

d.poorest quintile receives 25 percent of income

e.poorest quintile receives 75 percent of the income

90.              When the Lorenz curve lies above the diagonal,

a.the poorest 20 percent of the population receives more than 20 percent of income

b.the richest 20 percent of the population receives more than 20 percent of income

c.every quintile receives identical incomes

d.it indicates that total income has increased even though the distribution of income
remains unchanged

e.it is incorrectly drawn because no Lorenz curve can lie above the diagonal

Dec 12 2019 View more View Less

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