ECON 2306 EXAM 3 ACTUAL QUESTIONS 2026 WITH VERIFIED ANSWERS.

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ECON 2306 EXAM 3 ACTUAL
QUESTIONS 2026 WITH VERIFIED
ANSWERS.

Conditions making cartels more stable - correct answer--small
number of firms
-homogeneous product
-easily observable prices
-little variation in price




Quintile - correct answer-a breakdown of incomes that groups
the population into 5 groups of 20% each




Lorenz curve - correct answer-a grpahical measuring income
distrubutuib




Gini coefficient - correct answer-a mathematical ratio of income
distribution calculates using the lorenz curve

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Us poverty level - correct answer-the 3 times the income
needed in order to maintain a calorically stable diet




Absolute poverty - correct answer-minimum needed in order to
survive




Relative pverty - correct answer-a comparison to others income
in society




Social security - correct answer-a us government program
providing income to inform and elderly




Supplemental security and temporary relief (TANF) - correct
answer-aid to families falling below a certain income




Supplemental nutrition assitance - correct answer-food stamps




Earned income tax credit - correct answer-tax program to get
income into low income working families