Two South Pacific islands, Aba and Ema, have very different Gini coefficients. Aba's is 0.90 and Ema's is 0.40 . That's enough information to tell you that
a. both islands have a relatively equal income distribution because their Gini coefficients are both less than 1
b. Aba's income is growing faster than Ema's
c. Ema's distribution of income is less equal than Aba's
d. Ema's distribution of income is more equal than Aba's
e. Aba's population is growing faster than Ema's
D
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Price cap regulation improves cost control incentives relative to rate-of-return regulation
Indicate whether the statement is true or false
An elastic response in the quantity of a good demanded would be caused by
A) the availability of many substitutes. B) a lack of substitutes. C) a lack of sensitivity to the good's price. D) the good representing a small portion of a person's budget.
If the price of a haircut (a normal good) increases, other things constant, the
a. demand for haircuts increases b. demand for haircuts decreases c. quantity demanded of haircuts decreases d. quantity demanded of haircuts increases e. demand for haircuts, or quantity demanded of haircuts decreases; they are the same thing
Traditionally, economists regarded improvements in technology as
A. the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth. B. an outside factor that helped explain economic growth. C. unrelated to economic growth in any systematic way. D. an important factor in explaining economic growth that was due to economic forces that also could easily be explained.