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Final answer:
SNAP provides food assistance, TANF offers temporary financial aid, the earned income tax credit is for low to moderate income families, and Medicaid assists with medical costs for those with limited resources. The top income quintile represents the highest earners, and a Lorenz curve shows income distribution by plotting population percentage against income percentage.
Explanation:
The Supplemental Nutrition Assistance Program (SNAP) is designed to provide nutritional support for low- and no-income people in the United States. The Temporary Assistance for Needy Families (TANF) program provides temporary financial and medical assistance to needy dependent children and the parents or relatives with whom they are living.
The earned income tax credit (EITC or EIC) is a benefit for working people with low to moderate income, designed to reduce the tax burden and encourage employment. Medicaid is a joint federal and state program that helps with medical costs for some people with limited income and resources.The top income quintile includes the top 20% of earners in an economy. This segment of the population typically has the highest income compared to the other four quintiles.
On a Lorenz curve, the cumulative percentage of total income of the economy is measured on the vertical axis, whereas the cumulative percentage of the population is measured on the horizontal axis. It's a graphical representation of the distribution of income or wealth within an economy.
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