Both Amy and Tom are trained as nurses. Amy makes $35,000 a year ...

[ec501234]

Question 1

A Gini coefficient of one means that

◦ income is distributed equally.
◦ one family has all the income and everyone else has nothing.
◦ all the income is received by the top 20% of families.
◦ the income is split equally between the top 20% and the rest of the distribution.

Question 2

Both Amy and Tom are trained as nurses. Amy makes $35,000 a year working as a nurse in an emergency room in a New York City hospital. Tom makes $20,000 working as a community health nurse in New York City. Which of the following is 
true?

◦ Tom is clearly worse off than Amy, because he earns $15,000 a year less.
◦ Tom must be better off than Amy if he is willing to take a job at $15,000 a year less than Amy.
◦ From this information it cannot be determined who is better off because income is an imperfect measure of well-being.
◦ Even though income is an imperfect measure of well-being, Amy and Tom must be equally well off because either is free to switch jobs.

[Cnarkel]

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[ec501234]

Thanks for the timely response, appreciate it

[meow1234]

Gracias!