
Poverty, Income inequalities, and Exchange Rates
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Ip Henry
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11 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the distinction between absolute and relative poverty?
Absolute poverty refers to a lack of basic necessities, while relative poverty is based on income comparisons within a society.
Absolute poverty is based on income comparisons within a society, while relative poverty refers to a lack of basic necessities.
Both absolute and relative poverty refer to a lack of basic necessities.
Both absolute and relative poverty are based on income comparisons within a society.
Answer explanation
Absolute poverty refers to a lack of basic necessities, while relative poverty is based on income comparisons within a society.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which diagram is commonly used to assess income inequality?
The Phillips curve
The Engel curve
The J-curve
The Lorenz curve
Answer explanation
The Lorenz curve is commonly used to assess income inequality by comparing the actual distribution of income to an equal distribution, known as the line of perfect equality.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What are some causes of inequality in income and wealth within countries?
Economic growth and education
Welfare benefits and changes in tax structure
Structural changes in the economy
All of the above
Answer explanation
The correct answer is 'All of the above' because economic growth, education, welfare benefits, changes in tax structure, and structural changes in the economy can all contribute to income and wealth inequality within countries.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What factors influence the exchange rate of a currency?
Education level
Trade balance and interest rates
Inflation and unemployment
Poverty and income inequality
Answer explanation
Trade balance and interest rates are the factors that influence the exchange rate of a currency.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When a country's currency depreciates, what effect does it have on its exports?
Exports increase
Exports decrease
Exports remain unchanged
Exports become more expensive
Answer explanation
When a country's currency depreciates, its exports become cheaper for foreign buyers, leading to an increase in exports as they are more affordable.
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In May 2021 Canada’s central bank aimed to reduce the value of the Canadian dollar against the UK pound sterling.
Which one of the following combinations of foreign currency transactions would Canada’s central bank use to reduce the value of the Canadian dollar against the UK pound sterling?
Buy Canadian dollar, Buy UK pound sterling
Buy Canadian dollar, Sell UK pound sterling
Sell Canadian dollar, Buy UK pound sterling
Sell Canadian dollar, Sell UK pound sterling
Answer explanation
To reduce the value of the Canadian dollar against the UK pound sterling, Canada's central bank would sell Canadian dollars and buy UK pound sterling.
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Between 2018 and 2019 the Lorenz curve of Peru shifted closer to the line of perfect
equality.
Which one of the following can be inferred from this information?
The Gini coefficient for Peru had decreased
The Marshall-Lerner condition was not met
The rate of unemployment in Peru had increased
The Government of Peru had decreased progressive tax rates
Answer explanation
The correct choice is that the Gini coefficient for Peru had decreased, as the Lorenz curve shifting closer to the line of perfect equality indicates a decrease in income inequality.
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