Measuring the Distribution of Income and Wealth (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Which of these is NOT a source of personal income?
Which of these is NOT a source of personal income?
Inheritance received
In quintile analysis, how is the population divided?
In quintile analysis, how is the population divided?
Into 5 equal groups of 20% each
In 2021-22, what percentage of Australia's income did the lowest 20% receive?
In 2021-22, what percentage of Australia's income did the lowest 20% receive?
8.1%
How many times more does Australia's highest income quintile earn than the lowest?
How many times more does Australia's highest income quintile earn than the lowest?
12 times
Why does median income better represent typical earnings than mean income?
Why does median income better represent typical earnings than mean income?
Extreme values don't distort it
On a Lorenz curve, what does the diagonal line represent?
On a Lorenz curve, what does the diagonal line represent?
Perfect equality
What does a Gini coefficient of 0 indicate?
What does a Gini coefficient of 0 indicate?
Perfect equality
Where does Australia rank in income equality among 38 OECD countries?
Where does Australia rank in income equality among 38 OECD countries?
21st most equal
How does wealth inequality compare to income inequality in Australia?
How does wealth inequality compare to income inequality in Australia?
Wealth inequality is far greater
Why does wealth generate more wealth according to the note?
Why does wealth generate more wealth according to the note?
Asset owners earn returns creating compounding