The figure below is the Lorenz curve of a population. Based on this figure, which of the following statements are correct? Cumulative share of land (%) Landowners' share of land -100- 30- 01 0 Perfect equality line 50 80 100 Cumulative share of the population from least to most land owned (%) O 50% of the population owns 20% of the land. O 30% of the population owns 1% of the land each. O 20% of the population owns 2% of the land each. The bottom 80% own 70% of the land

The figure below is the Lorenz curve of a population. Based on this figure, which of the following statements are correct? Cumulative share of land (%) Landowners' share of land -100- 30- 01 0 Perfect equality line 50 80 100 Cumulative share of the population from least to most land owned (%) O 50% of the population owns 20% of the land. O 30% of the population owns 1% of the land each. O 20% of the population owns 2% of the land each. The bottom 80% own 70% of the land

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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