Suppose that a society contains only two members, a lawyer named Monique and a h

Question

Suppose that a society contains only two members, a lawyer named Monique and a handyman named James. Five years ago, Monique made $100,000 while James made $50,000. This year, Monique will make $300,000 while James will make $100,000. Which of the following statement about this society's income distribution are true? In absolute dollar amounts, the entire distribution of income has been moving upward. In absolute dollar amounts, the entire distribution of income has been stagnant. The relative distribution of income has become more equal. The relative distribution of income has become less equal. The relative distribution of income has become remained constant. The rich are getting richer while the poor are getting poorer. The rich are getting richer faster than the poor are getting richer

Explanation / Answer

1. True

2. False

3. False

4. True

5. False

6. False

7. True

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