A Gini coefficient of ________ means that one family has all the income and everyone else has nothing.
A. 0
B. 1
C. 100
D. infinity
Answer: B
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Payments to a factor of production in excess of the minimum payments necessary to call it into existence constitute
a. consumers' surplus b. rent c. a golden parachute d. an efficiency wage
Economies of scale
A) lead to rising long-run average costs as output increases. B) occur if output more than doubles when all inputs are doubled. C) occur if output less than doubles when all inputs are doubled. D) occur when management complexity brings rising average cost.
Refer to Figure 14.1. The income effect of the wage increase on the amount of hours of leisure is:
A) L0 to L2. B) L0 to L1. C) L1 to L2. D) L2 to L1. E) none of the above
According to Keynes' philosophy of government budgets, _____
a. chronic deficits accumulate into a national debt b. permanent surpluses are desirable c. fiscal policy focuses on maintaining an annually balanced budget d. deficits dampen aggregate demand in the short run and reduce the federal debt e. deficits are appropriate during recessions