Distribution of Income and Wealth (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
Which best describes the fundamental difference between income and wealth?
Which best describes the fundamental difference between income and wealth?
Income is a flow; wealth is a stock
In 2018, what percentage of total UK household income did the top fifth of households receive?
In 2018, what percentage of total UK household income did the top fifth of households receive?
40%
What does a quintile represent when examining income distribution?
What does a quintile represent when examining income distribution?
One-fifth of the total amount
Globally, labour's share of income fell from what percentage in the early 1990s to early 2000s?
Globally, labour's share of income fell from what percentage in the early 1990s to early 2000s?
From over 66% to 62%
In the wage differential example, what hourly rate did airline pilots earn compared to cleaners?
In the wage differential example, what hourly rate did airline pilots earn compared to cleaners?
£300 per hour vs £11 per hour
What proportion of the UK's total wealth do one in ten adults own?
What proportion of the UK's total wealth do one in ten adults own?
Approximately half the nation's wealth
What is the key distinction between equality and equity in income distribution?
What is the key distinction between equality and equity in income distribution?
Equality treats all same; equity treats fairly
What does a Gini coefficient of 0 indicate about income distribution?
What does a Gini coefficient of 0 indicate about income distribution?
Perfect equality in distribution
What does it mean when a Lorenz curve is closer to the 45-degree diagonal line?
What does it mean when a Lorenz curve is closer to the 45-degree diagonal line?
More equal income distribution
What defines progressive taxation?
What defines progressive taxation?
Greater proportion paid as income rises