Suppose that Jane earns $10,000 in year 1 and $15,000 in year 2, while Jim earns $15,000 in year 1 and $10,000 in year 2. Is there income equality for the two individuals?
A. The annual data indicate equality, but the two-year data indicate inequality
B. The annual data indicate inequality, but the two-year data indicate equality
C. Both the annual and the two-year data indicate equality
D. Both the annual and the two-year data indicate inequality
B. The annual data indicate inequality, but the two-year data indicate equality
You might also like to view...
Discretionary fiscal policy
A) may not have desired effects on real GDP because it leads to decreases in aggregate demand. B) may not have desired effects on real GDP because of the time lags. C) would have a larger effect on real GDP if the multiplier was smaller. D) may not have desired effects on real GDP because it leads to increases in aggregate demand.
The measure of the relationship between a change in income and the consequent relative change in quantity demanded at a given price is the: a. cross elasticity of supply
b. elasticity of supply. c. cross elasticity of demand. d. income elasticity of demand.
An international corporation is one which
a. is owned by individuals in more than one country b. has production facilities in more than one country c. markets its product in more than one country d. is owned by individuals in one country but has its production facility in anothercountry e. is owned in part by private individuals and by governments
Which of the following expressions is correct for a competitive firm?
a. profit = (quantity of output) x (price - average total cost) b. marginal revenue = (change in total revenue)/(quantity of output) c. average total cost = total variable cost/quantity of output d. average revenue = (marginal revenue) x (quantity of output)