Distribution of Income and Average Income Sri Lanka and Mongolia Sri Lanka |Mongolia Average household income $3,000 $3,000 40.6% Percentage of total of income earned by the top quintile of households 47.6% Percentage of total of income earned by the bottom quintile of households 7.0% 8.0% Average household income varies more in Mongolia than in Sri Lanka. The rich tend to be richer in Mongolia than in Sri Lanka. Average income in the top quintile is lower in Sri Lanka than in Mongolia. Average income in the bottom quintile is lower in Sri Lanka than in Mongolia.

Distribution of Income and Average Income Sri Lanka and Mongolia Sri Lanka |Mongolia Average household income $3,000 $3,000 40.6% Percentage of total of income earned by the top quintile of households 47.6% Percentage of total of income earned by the bottom quintile of households 7.0% 8.0% Average household income varies more in Mongolia than in Sri Lanka. The rich tend to be richer in Mongolia than in Sri Lanka. Average income in the top quintile is lower in Sri Lanka than in Mongolia. Average income in the bottom quintile is lower in Sri Lanka than in Mongolia.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 1E

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Question

The table presents recent data from the World Bank. Based on the data in the table, which statement is correct?
Distribution of Income and Average Income Sri Lanka and Mongolia
Sri Lanka Mongolia
$3,000
40.6%
8.0%
Average household income
Percentage of total of income earned by the top quintile of households
Percentage of total of income earned by the bottom quintile of households 7.0%
$3,000
47.6%
Average household income varies more in Mongolia than in Sri Lanka.
The rich tend to be richer in Mongolia than in Sri Lanka.
Average income in the top quintile is lower in Sri Lanka than in Mongolia.
Average income in the bottom quintile is lower in Sri Lanka than in Mongolia.

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Step 1: Understand the Concept of Income Distribution

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Step 2: Compare Average Household Income

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Step 3: Analyze the Distribution of Income in the Top Quintile

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Step 4: Evaluate the Distribution of Income in the Bottom Quintile

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