The most widely used measure of income inequality is
A. the Bureau of Labor Statistics' cost-of-living index.
B. the Laffer curve.
C. the Gemini coefficient.
D. the Lorenz curve.
Answer: D
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Which of the following is a Pareto improvement?
A) A monopolist loses its monopoly when a government policy allows another firm to enter the market, resulting in lower prices and higher quantity available for consumers. B) A government policy is implemented that results in the middle class being better off, and the very rich only have to pay a little bit more in taxes. C) A government policy removes a market failure. D) None of the above.
Today, the most common exchange rate arrangement in the world is
A) the fixed exchange rate system. B) the gold standard system. C) the managed floating system. D) the freely floating exchange rate system.
The idea that business cycles are nothing more than variations in the rate of growth of a full-employment economy is proposed by
a. Keynesian theorists b. Kuznets cycle theorists c. innovation cycle theorists d. real business cycle theorists e. internal cycle theorists
Which of the following is the most distinguishing characteristic of a monopolistically competitive industry?
a. Market barriers b. One firm controls the industry c. Product differentiation d. A small number of firms dominate the market