The Gini Ratio

question 2

Multiple Choice

The Gini ratio

• A) measures the relative extent of poverty in a nation.
• B) compares the income of persons, households, or households at the 90th percentile of the income distribution to the income at the 10th percentile.
• C) is a numerical measure of the overall dispersion of income in a nation.
• D) is found by dividing the entire area below and to the right of the diagonal in the Lorenz diagram by the area between the diagonal and Lorenz curve.

Comprehend the limitations and critiques of GDP as a measure of economic well-being.

Understand the basic components and calculations involved in determining the cost of goods sold for a manufacturing company.

Identify and differentiate between product costs and period costs.

Understand the cost flow in a manufacturing company, including the concepts of direct materials, direct labor, and manufacturing overhead.

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