Economic Inequality Quiz # 17

What are the two main types of economic inequality discussed in the text?

• Political inequality and economic inequality

• Wealth inequality and income inequality

• Racial inequality and gender inequality

• Health inequality and education inequality

What does wealth inequality refer to?

• The distribution of accumulated assets

• The distribution of new earnings

• The distribution of global wealth

• The distribution of income trends

According to the text, what is the estimated global wealth and how is it distributed?

• $260 billion, with India and Africa having 30% of the wealth

• $260 billion, with North America and Europe having 20% of the wealth

• $260 trillion, with China having 8% of the wealth

• $260 trillion, with North America and Europe having 67% of the wealth

What is the GINI Index used for?

• To calculate new earnings

• To calculate global wealth

• To measure wealth distribution

• To measure income equality

What is the highest income inequality among Western industrialized nations?

• United States

• United Kingdom

• India

• China

What is one of the arguments for addressing income inequality?

• Promoting bureaucratic red tape

• Decreasing taxes for the rich

• Reducing access to education

• Increasing minimum wage

According to the text, what did Bill Gates say about income inequality?

• Income inequality is not associated with any problems

• Inequality is not a problem in the US

• Some level of inequality is built into capitalism

• The rich are not getting richer

What did Adam Smith, the classical economist, say about income inequality?

• The far greater part of the members should be rich and happy

• The rich should have a disproportionate say in policies

• Income inequality is necessary for a flourishing society

• No society can be flourishing and happy if the majority are poor and miserable