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Question 3: Briefly explain the following concepts related to income inequality and poverty. (20 Marks) I. Define the concepts of income inequality and poverty. (5)

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Question 3: Briefly explain the following concepts related to income inequality and poverty. (20 Marks) I. Define the concepts of income inequality and poverty. (5) II. Explain the methods of measuring income inequality and poverty. (5) III. What is Lorenz curve and how it relates with the Gini Coefficient. (5) IV. Write and explain various specifications of Inverted-U kuznet Curve

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