1) What is the difference between relative poverty and absolute poverty? How does Statscan measure each? Under what circumstances is each measure relevant? Explain.
2)
a) What are the problems with using income to calculate measures of poverty and inequality? Explain.
b) What is the Gini Coefficient; how is it calculated? Illustrate and explain.
3) In addition to the poverty rate, what other information or measures give us a more complete picture of the nature of poverty? How? Explain.
4) a) Which is greater, income inequality or wealth inequality? Why?
b) Why do we measure both income inequality and wealth inequality? Explain.
5) In a recent lecture, Prof. Quax stated, "Lack of employment is the most relevant factor to consider in fighting poverty." Do you agree? Explain.
6) Define the three main types of unemployment and describe the significance of each for the extent and nature of poverty.
8) Why are some people's wages low? Explain.
9) Describe how poverty imposes costs on broader society.
10) a) What is the relationship between inequality and economic growth? Explain.
b) How does the redistribution of income affect the overall utility in society? Illustrate
and explain.
11) Create a chart that outlines the principle reasons people are poor.
12) Summarize the social implications of inequality.