Exploring Income and Wealth Inequality

The video explores economic inequality, focusing on wealth and income disparities globally and in the US. It discusses causes like globalization and technology, and debates potential solutions such as education and tax reforms. The video emphasizes the growing gap between rich and poor, highlighting the need for addressing inequality.

What are the two main types of economic inequality?

• Income and education inequality

• Health and political inequality

• Wealth and income inequality

• Gender and racial inequality

Which region holds 67% of the world's wealth despite having less than 20% of the population?

• Africa

• South America

• North America and Europe

• Asia and Australia

What phenomenon is described as having accelerated economic inequality between countries?

• Globalization and international trade

• The Digital Revolution

• The Renaissance

• The Industrial Revolution

What is 'skill-biased technological change'?

• A decrease in technology-based jobs

• A shift towards more manual labor jobs

• The elimination of all unskilled jobs

• A preference for skilled workers due to technology

What role do unions play in the context of income inequality?

• They increase the income gap

• They have no significant impact

• They only benefit the wealthy

• They help reduce the income gap

What does the Lorenz curve illustrate?

• The rate of technological change

• The distribution of income within a country

• The effectiveness of education systems

• The distribution of wealth among countries

What is the GINI Index used to measure?

• Global wealth distribution

• Income equality within a country

• The effectiveness of international trade

• The impact of education on income

According to Bill Gates, what is inherent to capitalism?

• Equal wealth distribution

• Some level of inequality

• Technological advancement

• Economic stability

Which of the following is NOT mentioned as a solution to income inequality?

• Increasing minimum wage

• Adjusting the tax code

• Reducing access to education

• Improving childcare quality

What does Adam Smith imply is necessary for a society to be flourishing and happy?

• A majority of wealthy members

• High levels of income inequality

• Advanced technological infrastructure

• Minimal poverty among its members