Economics and Income Quiz

What is income?

• The value of all goods and services someone owns

• Money received in exchange for work or investments

• The unequal distribution of income and opportunity

• A measure of economic inequality

What are assets?

• Money received from work

• The value of all goods and services someone owns

• The unequal distribution of income

• A measure of economic growth

What does economic inequality refer to?

• Equal distribution of wealth

• Unequal distribution of income and opportunity

• Increase in aggregate demand

• Decrease in crime rates

What is typically seen in countries with large gaps between the wealthy and the poor?

• Increased health and education

• Decrease in crime

• Increased crime

• Increase in aggregate demand

What tool is used to examine income distribution?

• Lorenz Curve

• Supply and Demand Graph

• Phillips Curve

• Laffer Curve

What happens to wellbeing in countries with large economic inequality?

• It improves significantly

• It remains unchanged

• It is negatively impacted

• It becomes unpredictable

What does HDI stand for in the context of non-material living standards?

• Human Development Index

• Health Development Index

• Housing Development Index

• Humanitarian Development Index

Which of the following is NOT a factor in non-material living standards?

• Environmental Quality

• Personal Health

• Political Freedom

• Transportation

What is used to measure material living standards?

• HDI

• GDP per capita

• BLI

• GNI

Which of the following is a component of the Human Development Index (HDI)?

• Transportation

• Life expectancy

• Technology

• Housing