Economic Inequality and Its Societal Implications Quiz

Explore key questions on economic inequality, its measures, consequences, and societal impacts. Test your knowledge now!

Practice Learn Test

Which measure is commonly used to quantify economic inequality?

Gini coefficient

Consumer Price Index (CPI)

Gross Domestic Product (GDP)

Unemployment rate

What does the Gini coefficient value of 0 represent?

Perfect equality

Extreme inequality

No inequality

Insufficient data

Which factor is NOT typically associated with economic inequality?

Education level

Income distribution

Social mobility

Inflation rate

What is a potential consequence of high economic inequality?

Decreased crime rates

Improved social cohesion

Increased poverty rates

Decreased health disparities

Which region of the world generally exhibits higher levels of income inequality?

North America

Europe

Scandinavia

Asia

What is the term for the phenomenon where the rich become richer while the poor become poorer?

Income convergence

Wealth disparity

Economic polarization

Relative deprivation

Which of the following policies aims to reduce economic inequality by redistributing wealth?

Austerity measures

Flat tax system

Universal basic income

Regressive taxation

Which philosopher is often associated with the concept of distributive justice in the context of economic inequality?

Karl Marx

Adam Smith

John Rawls

Friedrich Hayek

What is the term for the economic concept where individuals or groups are unfairly treated in terms of their access to resources and opportunities?

Meritocracy

Economic discrimination

Social stratification

Economic exclusion

#10

According to the Pareto principle, what percentage of the population typically holds a disproportionate amount of wealth?

50%

80%

20%

10%

#11

Which economic phenomenon refers to the situation where individuals with higher incomes tend to spend a smaller proportion of their income?

Income mobility

Income disparity

Income elasticity

Income stagnation

#12

What term describes a situation where the wealth and income of a society are concentrated in a small portion of the population?

Economic equilibrium

Plutocracy

Economic parity