Refer to the above figure. Which of the above graphs represents an unequal income distribution?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
D
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Refer to Figure 6-5. The section of the demand curve labeled "A" represents
A) the inelastic section of the demand curve. B) the unit-elastic section of the demand curve. C) the perfectly elastic section of the demand curve. D) the elastic section of the demand curve.
Explain how the burden of a payroll tax changes if labor supply is relatively inelastic? Explain how your answer would change if labor supply is relatively elastic?
What will be an ideal response?
In the United States, the fact that the gap between the rich and the poor has been increasing is often justified by economists on the grounds that greater
a. efficiency can never be achieved without greater inequality. b. inequality does not create any problems. c. inequality is a desirable end in itself. d. inequality is an undesirable consequence of greater efficiency. e. efficiency should be achieved at any cost.
An institution that issues a currency at a fixed rate in exchange for an equivalent amount of another designated currency and invests the funds in bonds and liquid assets that provide 100 percent backing for the currency units issued is called
a. a central bank. b. the International Monetary Fund. c. the World Trade Organization. d. a currency board.