Given below are two statements: one is labelled as Assertion and the other is labelled as Reason:

Assertion: Economic equality exists in a society if there are significant differences in wealth, property or income between individuals or classes.
Reason: One way of measuring the degree of economic inequality in a society would be to measure the relative difference between the richest and poorest groups.

The Assertion is incorrect but the Reason is correct.

The correct answer is Option 3- The Assertion is incorrect but the Reason is correct.

Assertion: Economic equality (incorrect) exists in a society if there are significant differences in wealth, property or income between individuals or classes.
Reason: One way of measuring the degree of economic inequality in a society would be to measure the relative difference between the richest and poorest groups. 

Correction in Assertion: ECONOMIC INEQUALITY exists in a society if there are significant differences in wealth, property or income between individuals or classes.
Reason:

At the simplest level, we would say that economic inequality exists in a society if there are significant differences in wealth, property or income between individuals or classes. One way of measuring the degree of economic inequality in a society would be to measure the relative difference between the richest and poorest groups. Another way could be to estimate the number of people who live below the poverty line. Of course, absolute equality of wealth or income has probably never existed in a society. Most democracies today try to make equal opportunities available to people in the belief that this would at least give those who have talent and determination the chance to improve their condition.