4/2 Tues Understanding Economic Inequality

What are the two main types of economic inequality?

• Income and education inequality

• Health and political inequality

• Wealth and income inequality

• Gender and racial inequality

Which region holds 67% of the world's wealth despite having less than 20% of the population?

• Africa

• South America

• North America and Europe

• Asia and Australia

What phenomenon is described as having accelerated economic inequality between countries?

• Globalization and international trade

• The Digital Revolution

• The Renaissance

• The Industrial Revolution

What is 'skill-biased technological change'?

• A decrease in technology-based jobs

• A shift towards more manual labor jobs

• The elimination of all unskilled jobs

• A preference for skilled workers due to technology

What role do unions play in the context of income inequality?

• They increase the income gap

• They have no significant impact

• They only benefit the wealthy

• They help reduce the income gap

What does the Lorenz curve illustrate?

• The rate of technological change

• The distribution of income within a country

• The effectiveness of education systems

• The distribution of wealth among countries

What is the GINI Index used to measure?

• Global wealth distribution

• Income equality within a country

• The effectiveness of international trade

• The impact of education on income

According to Bill Gates, what is inherent to capitalism?

• Equal wealth distribution

• Some level of inequality

• Technological advancement

• Economic stability

Which of the following is NOT mentioned as a solution to income inequality?

• Increasing minimum wage

• Adjusting the tax code

• Reducing access to education

• Improving childcare quality

What does Adam Smith imply is necessary for a society to be flourishing and happy?

• A majority of wealthy members

• High levels of income inequality

• Advanced technological infrastructure

• Minimal poverty among its members