Which Function Must a Measurement Instrument of the Distribution of Income

question 22

Multiple Choice

Which function must a measurement instrument of the distribution of income in our society perform

• A)It must explain inequality.
• B)It must explain why people live below poverty.
• C)It must tell how many people live in poverty.
• D)It must explain why the income gap is large and growing.

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Definitions:

Quantity Demanded

The specific amount of a product that buyers are willing and able to purchase at a given price.

Inelastic

Characterized by a low responsiveness of quantity demanded or supplied when there is a price change, signifying that changes in price have minimal impact on consumers' purchasing behavior.

Price Elastic

Describes a situation where the demand or supply of a good or service is highly sensitive to changes in price.

Measures

Measures refer to quantitative tools or methods used for assessing, comparing, or tracking performance or progress.