The Gini co-efficient is the:
a. area between the Lorenz curve and the vertical axis divided by the area under the Lorenz curve.
b. area between the Lorenz curve and the horizontal axis divided by the area above the Lorenz curve.
c. area between the Lorenz curve and the line of perfect equality divided by the total area under the line of income equality.
d. area between the Lorenz curve and the line of perfect equality divided by the total area above the line of perfect equality.
e. area between the line of perfect equality and the horizontal axis divided by the area between the Lorenz curve and the horizontal axis.
c
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Discuss how the Fed raising the federal funds rate ripples through the different sectors of the economy
What will be an ideal response?
The demand for the product of a monopolistically competitive firm is highly elastic when
A) firms collude. B) there are fewer firms in the industry. C) there is a lot of product differentiation. D) there are a lot of close substitutes.
The entry of new firms into a competitive industry will very likel
a. shift the short run industry supply curve to the right b. cause the market price to fall c. reduce the profits of firms in the industry d. cause the market quantity sold to rise e. all of the above
The Friedman-Phelps analysis suggests that there is a long-term relationship between
A. inflation and unemployment. B. unanticipated inflation and cyclical unemployment. C. cyclical inflation and structural unemployment. D. anticipated inflation and structural unemployment.