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- The data in the table characterizes the income distribution for a country. What percentage of the total population is categorized as belonging to the second quintile? Give your responses as whole numbers. Income category Share of income (%) Cumulative share of income (%) first quintile 7.0 --- second quintile 9.0 16.0 third quintile --- 35.0 fourth quintile 25.0 --- fifth quintile 40.0 --- percentage of population in second quintile: % What percentage of the total income for the country is earned by the third quintile? percentage earned by the third quintile: % What is the cumulative share of income earned by the poorest 80% of the population? percentage earned by the poorest 80%: %Questions Explain three methods of measuring the income inequality of a nation? 1.kuznet ratio 2. Lorenz curve 3. Gini coefficient As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealthis narrowly defined as financial wealth—namely, cash on handand the money value of tangible and nonliquid assets. Even justthe market valuation of financial portfolios is commonly used todefine financial wealth. However, some may extend the definitionto include the value of income streams and insurance rights that,for the most part, cannot be transacted or encumbered. Theseinclude Medicare, Medicaid, and Social Security. When suchtransfers and public assistance are included, the poor and manyelderly could benefit, reducing the wealth disparity (Galbraith2016). To obtain net wealth, the value of the debts are subtractedsubtracted from the value of the assets.…Q8.2) Lorenz CurveA curve illustrating the degree of equality of income distribution in an economy. It plots thecumulative percentage of income received by cumulative shares of the population. Where dowe fare as a country on the Lorenz curve and what does it say about South Africa’s incomedistribution
- Questions Explain three methods of measuring the income inequality of a nation? Page 3 other 2 pages in the pic As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealthis narrowly defined as financial wealth—namely, cash on handand the money value of tangible and nonliquid assets. Even justthe market valuation of financial portfolios is commonly used todefine financial wealth. However, some may extend the definitionto include the value of income streams and insurance rights that,for the most part, cannot be transacted or encumbered. Theseinclude Medicare, Medicaid, and Social Security. When suchtransfers and public assistance are included, the poor and manyelderly could benefit, reducing the wealth disparity (Galbraith2016). To obtain net wealth, the value of the debts are subtractedsubtracted from the value of the assets. Galbraith stated…RM2. Why is it more efficient for the government to offer employment insurnace than for private insurance companies? Why is Canada accused of treating EI as an income transfer program instead of an insurnace program? What are the various methods commonly used to measure poverty? Hoe do they differ? Which method does Canada use?Questions: what are some of the dimensions of economic inequality and what is considered income? As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealthis narrowly defined as financial wealth—namely, cash on handand the money value of tangible and nonliquid assets. Even justthe market valuation of financial portfolios is commonly used todefine financial wealth. However, some may extend the definitionto include the value of income streams and insurance rights that,for the most part, cannot be transacted or encumbered. Theseinclude Medicare, Medicaid, and Social Security. When suchtransfers and public assistance are included, the poor and manyelderly could benefit, reducing the wealth disparity (Galbraith2016). To obtain net wealth, the value of the debts are subtractedsubtracted from the value of the assets. Galbraith stated thatfinancial wealth…
- Q8.4) Formula for Gini Coefficient from Lorenz CurveA / A + BWhat does the A and B represent?Multiple choice question Assume that Denmark has a Gini co-efficient of 0.2. This means that it has a(n): (1) Equal distribution of income;(2) Unequal distribution of income;(3) Perfectly equal distribution of income;(4) Perfectly unequal distribution of income.Ethnic minorities and indigenous populations are a common characteristic of poverty groups. Name and describe the other two (2) characteristics of poverty groups as mentioned in Todaro?
- The following table gives the distribution of the income of the employees of a company Calculate the cumulative percentage of 2000 income. Calculate the Gini coefficientA Gini coefficient of 0.15 would indicate that a society’s distribution of income is: A. PERFECTLY EQUAL B. RELATIVELY EQUAL C. MODERATELY UNEQUAL D. VERY UNEQUAL E. THE MOST UNEQUAL POSSIBLE. Consider two communities. In one community,ten families have incomes of $100,000 each and tenfamilies have incomes of $20,000 each. In the othercommunity, ten families have incomes of $250,000each and ten families have incomes of $25,000 each.a. In which community is the distribution of incomemore unequal? In which community is theproblem of poverty likely to be worse?b. Which distribution of income would Rawls prefer?Explain.c. Which distribution of income do you prefer?Explain.d. Why might someone have the oppositepreference?