Consider the following statements regarding Gini Coefficient.
1. Gini Coefficient only looks at the distribution of incomes or wealth among a nation's residents.
2. Gini Coefficient ranges from 0 to 1, with 0 representing perfect inequality and 1 representing perfect equality.
Which of the above statements is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2