The Lorenz curve and the Gini coefficient are different in that the Lorenz curve
a. includes income earned in foreign countries while the Gini coefficient only includes domestic income
b. is much more accurate a reflection of income distribution than the Gini coefficient
c. is a graphic representation and the Gini coefficient is a numerical measurement of income distribution
d. includes income from government programs while the Gini does not
e. compares different countries while the Gini only reflects data within a country
C
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Refer to Table 2-6. Which of the following statements is true?
A) Lucy has a comparative advantage in making both products. B) Lucy has a comparative advantage in making tricycles and James in making wagons. C) James has a comparative advantage in making both products. D) Lucy has a comparative advantage in making wagons and James in making tricycles.
From before the financial crisis began in September of 2007 to when the crisis was over at the end of 2009, amount of Federal Reserve assets rose, leading to
A) a huge increase in the monetary base. B) a huge expansion of the money supply. C) an economic expansion. D) a high inflation.