Test 1_3550_Solutions (1).pdf - Name_Solutions Student...

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Name: ___Solutions_______________ Student Number: ___________________________ Test 1 Economic Growth and Development, AP/ECON 3550 Department of Economics, York University Instructions: Write your name and student number on the exam. Use the booklet provided to answer the following questions. You have 120 minutes to complete the exam, which will be graded out of a total of 120 points. No notes, books or computers can be used during the exam. You may use a calculator. To receive full credit, answer questions completely and show all of your work. Good luck!
Individual Income Person 1 0.80 Person 2 1.00 Person 3 1.40 Person 4 1.80 Person 5 1.90 Person 6 2.00 Person 7 2.40 Person 8 2.70 Person 9 3.80 Person 10 5.00 Person 11 7.40 Person 12 8.80 Person 13 10.20 Person 14 14.80 Person 15 15.90 Person 16 17.10 Person 17 20.50 Person 18 22.00 Person 19 23.50 Person 20 25.00 GDP (National Income) $188.00 1. (25 marks) Using the data from the above distribution, please calculate the following: a. The income share of the bottom quartile of the population b. The income share of the 2 quartile of the population
nd c. The income share of the 3
d. The income share of the top quartile of the population
e. Draw a Lorenz curve using the information from parts (a) to (d).
See diagram below.

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