The ________ is a commonly used measure of the degree of inequality in an income distribution.
A. Herfindahl-Hirschman index
B. Lorenz curve
C. Gini coefficient
D. utility possibility frontier
Answer: C
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Refer to Figure 17-3. In Panel A, at high wages (segment iii)
A) the price of leisure is rising relative to the price of labor. B) laborers work more as wages increase. C) the price of leisure is falling relative to the price of labor. D) labor suppliers take more leisure as wages increase.
Suppose rice can be produced in China at a lower cost than in Thailand, while tuna can be produced in Thailand at a lower cost than in China. International competition will
a. destroy the rice market in both countries b. drive China to specialize in rice and Thailand to specialize in tuna c. drive Thailand to specialize in rice and China to specialize in tuna d. cause both countries to reject international specialization e. result in lower total output of rice and tuna
Which of the following is NOT a predictable result of a price ceiling set below the market clearing? price?
A) an illegal market in the good
B) excess quantity supplied
C) excess quantity demanded
D) lines to purchase the product
A movement along the Phillips curve shows that the unemployment rate and inflation rate are
A. Changing in response to supply-side policy. B. Changing in response to shifts in aggregate supply. C. Inversely related to each other. D. Directly related to each other.