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Chapter 15: Q.23 (page 378)

What is measured on the two axes of a Lorenz

curve?

Short Answer

Expert verified

Cumulative percentage of population and cumulative portion of income.

Step by step solution

01

Step 1. Lorenz curve

it's a Graphical way of studying dispersion, Lorenz curve, was first used to measure the inequalities of income in society, the greater distance of the curve from the line of equality distribution more is the inequality in its series

02

Step 2. Measures

  • X- axis is horizontal axis shows cumulative percentage population.
  • Y-axis is Vertical axis shows cumulative portion of income.

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Most popular questions from this chapter

Suppose there are two possible income distributions in a society of ten people. In the first distribution, nine people would have incomes of \(30,000 and one person would have an income of \)10,000. In the second distribution, all ten people would have incomes of $25,000.

a. If the society had the first income distribution, what would be the utilitarian argument for redistributing income?

b. Which income distribution would Rawls consider more equitable? Explain.

c. Which income distribution would Nozick consider more equitable? Explain.

How does the TANF attempt to loosen the poverty trap?

If a family of three earned $20,000, would they

be able to make ends meet given the official poverty threshold?

What are some reasons why a certain degree of

inequality of income would be expected in a market

economy?

Who are the near-poor?
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