When China embarked on market changes towards urbanization and manufacturing in 1978, urban disposable incomes were 2.6 times greater than rural net income. By 2008 they were 3.3 times bigger. These market changes have led to
A) increased income inequality between rural and urban populations.
B) a decreased Gini ratio.
C) the Lorenz curve for income to move closer to the line of equality.
D) a movement towards a bell-shaped distribution of income.
A
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Which of the following is true of a second-price sealed-bid auction?
A) Bidders directly compete with each other. B) Bidders submit their bids simultaneously. C) Bidders know each other's bid. D) Bidders always bid above their willingness to pay.
Disposable personal income:
a. includes personal income taxes. b. excludes personal income taxes. c. excludes transfer payments. d. is income spent for personal items such as homes and cars.
If the marginal productivity of the sixth worker hired is less than the marginal productivity of the fifth worker hired, then the addition of the sixth worker causes total output to decline
a. True b. False Indicate whether the statement is true or false
The following data represent a personal income tax schedule. Answer the question on the basis of this information. Refer to the table below. The average tax rate at the $60,000 level of income is:
A. 10.0 percent
B. 11.6 percent
C. 15.0 percent
D. 20.8 percent