True or False:
1. The proportion of income received by the top 5 percent of Americans declined after 1935, but it has been increasing since the 1980s.
2. Differences in age among a population can lead to differences in the distribution of income.
3. Since 1950, the proportion of the population that is very young or very old has fallen.
4. If every individual earned the same total income over his or her lifetime, there would still be observed income inequality because people earn more when they are middle-aged.
5. Inequalities in annual incomes observed at one point in time overstate the degree of income inequality over lifetimes.
6. The distribution of income is more equal when the Lorenz curve is closer to the 45-degree line of perfect equality.
7. The closer the Gini coefficient is to one, the smaller the degree of income inequality.
8. The permanent income hypothesis (PIH) indicates that both college students and the elderly tend to dissave.
9. The PIH indicates that, in recessions, consumption will tend to fall more than proportionately to the fall in current income.