According to our text, which of the following is a common misconception (something not true) about...
According to our text, which of the following is a common misconception (something not true) about income inequality?
| Countries with greater income inequalities have higher standards of living. |
| Greater income inequality means that the relative difference in incomes between the rich and the poor is widening. |
| Greater income inequality means a higher absolute standard of living for the wealthy and a lower one for the poor. |
| None of the above is a misconception about income inequality. |
Homework Answers
Question 1
Income inequality implies the relative difference in income of two person or group of people.
So,
Greater inequality does not means a higher absolute standard of living for the wealthy and lower one for the poor.
Hence, the correct answer is the option (3).
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