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With reference to the GINI Coefficient, consider the following statements:
- It can be used to measure the wealth distribution among a population.
- The score of 0 represents perfect inequality and the score of 1 represents perfect equality.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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With reference to the GINI Coefficient, consider the following stateme...
Explanation:
GINI Coefficient:
- The GINI Coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution among a population.
- It is often used to quantify the level of economic inequality within a society.
Statement Analysis:
1. It can be used to measure the wealth distribution among a population:
- This statement is correct. The GINI Coefficient is commonly used to assess wealth distribution by providing a numerical value between 0 and 1.
- A GINI Coefficient of 0 represents perfect equality, where everyone has the same wealth, while a score of 1 signifies perfect inequality, where one person has all the wealth.
2. The score of 0 represents perfect inequality and the score of 1 represents perfect equality:
- This statement is incorrect. In reality, the score of 0 represents perfect equality, where everyone has the same wealth, and the score of 1 represents perfect inequality, where one person has all the wealth.
Therefore, the correct answer is option 'A', which states that only statement 1 is correct.
GINI Coefficient:
- The GINI Coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution among a population.
- It is often used to quantify the level of economic inequality within a society.
Statement Analysis:
1. It can be used to measure the wealth distribution among a population:
- This statement is correct. The GINI Coefficient is commonly used to assess wealth distribution by providing a numerical value between 0 and 1.
- A GINI Coefficient of 0 represents perfect equality, where everyone has the same wealth, while a score of 1 signifies perfect inequality, where one person has all the wealth.
2. The score of 0 represents perfect inequality and the score of 1 represents perfect equality:
- This statement is incorrect. In reality, the score of 0 represents perfect equality, where everyone has the same wealth, and the score of 1 represents perfect inequality, where one person has all the wealth.
Therefore, the correct answer is option 'A', which states that only statement 1 is correct.
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With reference to the GINI Coefficient, consider the following statements: It can be used to measure the wealth distribution among a population. The score of 0 represents perfect inequality and the score of 1 represents perfect equality.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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