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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Country A has a Gini coefficient of 0.45. What does that statement mean?

To determine

 Gini coefficient.

Explanation

Gini coefficient is used to measure the income inequality derived from Lorenz curve. It is equal to the area between the line of perfect income equality and Lorenz curve. The value of Gini coefficient lies between zero and one. If its value is equal to zero, there will be no area in between perfect income equality and Lorenz curve, which means perfect income equality...

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