Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. The following figure shows the Lorenz curves of two countries such as LC1 and LC2.Cumulative % of income10066.6d.33.3Line of EqualityLC 133.33Cumulative % of household.Which of the following options is correct as per the given figure?a. Both countries face income inequality.LC266.6100b. Inequality in country 2 is greater than inequality in country 1.c.Country 2 has the highest level of inequality because the distance between the Lorenzcurve and the line of equality is highest.All of the above Consider the following figure to answer the following question.Wage(Kenyanshillingsper month)20,00015,00012,00010,00020,000 36,00030,000 45,000SupplyDemand60,000Quantityof laborSuppose that the labor market is in equilibrium. The government has decided to implement aminimum wage of $10,000 Kenyan Shillings per month. How much does the number of hiredchange? (DL-3)a. Changes by 6000 units of laborb. Change by 9000 units of labor.c. Changes by 0 units of labord. Changes by 15000 units of labor

Lorenz curve graphically shows the income inequality that exists in a country using the cumulative…

Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired change? (DL-3) a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor

Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired change? (DL-3) a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor

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Chapter1: Making Economics Decisions

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Question

Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

The following figure shows the Lorenz curves of two countries such as LC1 and LC2.
Cumulative % of income
100
66.6
d.
33.3
Line of Equality
LC 1
33.33
Cumulative % of household.
Which of the following options is correct as per the given figure?
a. Both countries face income inequality.
LC2
66.6
100
b. Inequality in country 2 is greater than inequality in country 1.
c.
Country 2 has the highest level of inequality because the distance between the Lorenz
curve and the line of equality is highest.
All of the above

Consider the following figure to answer the following question.
Wage
(Kenyan
shillings
per month)
20,000
15,000
12,000
10,000
20,000 36,000
30,000 45,000
Supply
Demand
60,000
Quantity
of labor
Suppose that the labor market is in equilibrium. The government has decided to implement a
minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired
change? (DL-3)
a. Changes by 6000 units of labor
b. Change by 9000 units of labor.
c. Changes by 0 units of labor
d. Changes by 15000 units of labor

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