According to an Asian Development Bank report in 2007, China's Gini coefficient, a statistical measure of wealth distribution in society, soared to 47.3 in 2004 from 40.7 in 1993, putting the country at a level more typical of Latin America
China experienced ________. A) a decrease in income inequality
B) an increase in income inequality
C) a decrease in income
D) an increase in income
B
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Which of the following shows the combination of two products that have the same utility or satisfaction?
A. Production possibility curve B. Insignificance curve C. Demand curve D. Indifference curve
If the firm in Figure 17-4 above maintains its set price of P0, rather than dropping price to P1, it must be facing a "menu cost" of adjusting its price that exceeds
A) K - G. B) K + G. C) G - K. D) J. E) K.
David Ricardo used the example of land to demonstrate the concept of rent, as the supply of land is
A) perfectly elastic. B) relatively elastic. C) perfectly inelastic. D) negatively sloped.
In the aggregate demand-aggregate supply model, the short-run effects of an unanticipated decrease in the money supply will be
a. lower real interest rates and an increase in aggregate demand. b. higher real interest rates and an increase in aggregate demand. c. lower real interest rates and a reduction in aggregate demand. d. higher real interest rates and a reduction in aggregate demand.