Examine the Measurement of Macroeconomic Variables

Examine the Measurement of Macroeconomic Variables
________________________________________
Please answer all questions in a Word file and remember to include all questions and show all work.
1. The poverty threshold in 2017 for a family of four people with two children under the age of 18 years of age was $24,858. If a family of this size has an income of $23,500, then calculate the income surplus or deficit and the income to poverty ratio. What do these measures allow you to conclude about the poverty status of the family?
2. The Lorenz curve representing the income distribution in a particular country is shown in Figure 1.1 (below).