Suppose there are 3 households in each society. This table shows income for poor, middle, and rich household, average income for all households, and the Gini coefficient for 4 societies.Based on this table, which of the following is true? (Select all that apply.)Society ASociety BSociety CSociety DооооHouseholdIncomePoorMiddleHousehold Household20,00015,00025,00030,00040,00040,00040,00040,000RichHousehold75,000100,000200,00010,000,000Society D has the most unequal income distribution.Society A has the most equal income distribution.Society D has the highest overall average income.Society A has the lowest overall average income.AverageIncome45,00051,66788,3333,356,667Ginicoefficient.27.37.44.66

The Gini coefficient measures income distribution across a population. The co-efficient ranges from…

Suppose there are 3 households in each society. This table shows income for poor, middle, and rich household, average income for all households, and the Gini coefficient for 4 societies. Based on this table, which of the following is true? (Select all that apply.) Society A Society B Society C Society D Poor Household 20,000 15,000 25,000 30,000 Household Income Middle Household 40,000 40,000 40,000 40,000 Rich Household 75,000 100,000 200,000 10,000,000 Society D has the most unequal income distribution. Society A has the most equal income distribution. Society D has the highest overall average income. Society A has the lowest overall average income. Average Income 45,000 51,667 88,333 3,356,667 Gini coefficient 27 .37 44 .66

Suppose there are 3 households in each society. This table shows income for poor, middle, and rich household, average income for all households, and the Gini coefficient for 4 societies. Based on this table, which of the following is true? (Select all that apply.) Society A Society B Society C Society D Poor Household 20,000 15,000 25,000 30,000 Household Income Middle Household 40,000 40,000 40,000 40,000 Rich Household 75,000 100,000 200,000 10,000,000 Society D has the most unequal income distribution. Society A has the most equal income distribution. Society D has the highest overall average income. Society A has the lowest overall average income. Average Income 45,000 51,667 88,333 3,356,667 Gini coefficient 27 .37 44 .66

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 47P: A group of 10 people have the following annual incomes:...

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