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Long questions


Question 1

(a) Explain the purpose of the Lorenz Curve and the Gini Coefficient

(b) Evaluate the view that greater income equality can best be achieved through the taxation system.

Question 2

(a) Describe how the Philips curve helps illustrate the relationship between unemployment and inflation.

(b) Explain how the Philips curve helps understanding of the impact of increasing aggregate demand on unemployment in the long run.