Question
Which of the following statements are correct about the
“Lorenz Curve”? I. The Lorenz curve is a graphical representation of the distribution of income or wealth in a society. II. it represents one of the best and simplest ways to illustrate the level of economic inequality in society. III. As the Lorenz curve moves towards the baseline, the underlying data suggests that the unequal distribution keeps increasing.Solution
The Lorenz curve is a graphical representation of the distribution of income or wealth in a society. it represents one of the best and simplest ways to illustrate the level of economic inequality in society. As the Lorenz curve moves away from the baseline, the underlying data suggests that the unequal distribution keeps increasing.
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