microchp17 - POP QUIZ WORKSHEET 4:CHAPTER 17 NAME COURSE 1...

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POP QUIZ WORKSHEET 4 :CHAPTER 17 NAME: __________________________________ COURSE: ________________________________ 1. The Lorenz curve: a. always lies above the diagonal line because income is always distributed unequally in the real world. b. shifting inward implies a change in income distribution toward more equality. c. for the U.S., after taxes and transfers are taken into consideration, lies farther away from the diagonal line. d. shows a cumulative percentage of total family wealth as a percentage of the population. 2. A Lorenz curve: a. with a more unequal distribution of income bows out more from the diagonal line. b. which lies on a diagonal would indicate perfect income inequality. c. shows the percentage of the population living in poverty. d. for the U.S., when compared to other nations, indicates that the U.S. has more inequality than most developing nations but less inequality than many developed nations. 3. Regarding redistribution programs: a. officially, a family whose income is in the lowest quartile is living in poverty.
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