Question

jose has spent most of his life in the top two quintiles of income distribution, although he did spend a year without earned income when he lost his job during a recession. which of the following ways of thinking about inequality explains why someone might make the observation that jose's living standard did not vary as much as his income varied?

Answer 1

One might think that the living stardard of Jose did not vary as much as his income vary because he might be considering a permanent income. This remains moreover constant and stable even if income vary a lot temporarily.

Earnings is the intake and saving opportunity gained by an entity inside a precise time frame, which is usually expressed in monetary terms.[1] profits is tough to outline conceptually and the definition may be distinctive across fields.[2][page needed] as an example, someone's profits in an economic experience may be exceptional from their earnings as described with the aid of regulation. a very important definition of profits is Haig–Simons earnings, which defines earnings as consumption + exchange in internet well worth and is extensively used in economics.

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