Income distribution and welfare (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does income refer to?
What does income refer to?
Flow of money received over a period
How is wealth defined in economics?
How is wealth defined in economics?
Total assets minus liabilities
What defines absolute poverty?
What defines absolute poverty?
Lack of resources for basic needs
How is relative poverty measured?
How is relative poverty measured?
Compared to average or median income
What is the range of the Gini coefficient?
What is the range of the Gini coefficient?
0 to 1
What does a Gini coefficient of 0 indicate?
What does a Gini coefficient of 0 indicate?
Perfect equality
What does a Gini coefficient of 1 represent?
What does a Gini coefficient of 1 represent?
Perfect inequality
What does the Lorenz curve illustrate?
What does the Lorenz curve illustrate?
Distribution of income or wealth
What does the line of equality represent?
What does the line of equality represent?
Perfect equality
What does a Lorenz curve far from the line of equality indicate?
What does a Lorenz curve far from the line of equality indicate?
Greater inequality
Which policy tool helps achieve more even income distribution?
Which policy tool helps achieve more even income distribution?
Progressive taxation
How many equal parts do deciles divide a population into?
How many equal parts do deciles divide a population into?
Ten equal parts