Question : Which of the following is represented by "The Lorenz Curve"?
Option 1: Employment
Option 2: Inflation
Option 3: Deflation
Option 4: Income Distribution
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Correct Answer: Income Distribution
Solution : The correct option is Income Distribution .
The Lorenz curve illustrates how income or wealth is distributed among different segments of a population. It visually represents the cumulative share of the total income or wealth held by these segments, typically arranged in ascending order of income or wealth. The horizontal axis of the Lorenz curve represents the cumulative proportion of the population , with the lowest income or wealth segment on the left and the highest on the right. On the vertical axis, it displays the cumulative percentage of total income or wealth owned by each respective segment.
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