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What term is used to describe the unequal distribution of income and wealth in a capitalist society, where a significant portion of wealth is held by a small fraction of the population?

AProgressive taxation

BPareto efficiency

CGini coefficient

DEconomic equilibrium

Answer:

C. Gini coefficient

Read Explanation:

Gini coefficient

  • The Gini coefficient, also known as the Gini index or Gini ratio, is a statistical measure used to assess income or wealth inequality within a population or an economic system.
  • It is named after the Italian statistician Corrado Gini, who developed the concept in the early 20th century
  • It quantifies the degree of income or wealth inequality on a scale from 0 to 1
  • A Gini coefficient of 0.0 represents perfect equality, where everyone has the same income or wealth.
  • A Gini coefficient of 1.0 represents perfect inequality, where one individual or household has all the income or wealth.
  • The Gini coefficient is widely used by economists, policymakers, and researchers to study income and wealth distribution within countries and to compare inequality levels across different countries.
  • It helps identify trends, disparities, and potential areas for policy intervention.

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