1. What is the Gini Co-efficient? What does it measure and mean? What has been happening to this measure in the U.S over the last 50 years? 2. What is the number of the Gini Co-efficient when a country is 100% equal? 3. What is the number of the Gini co-efficient when a country is completely unequal? (one person in a country has ALL the income.) 4. What is the difference between wealth and income? 5. Give and explain one definition of a market. 6. Give and explain one reason why markets fail. 7. Consider the following Definition of GDP and put each part in your own words: GDP is a measure of total production It is the market value Of final goods and services That are newly produced Within a country's borders over a period of time. 8. What is the difference between real and nominal GDP? Why is this important