In Country X, the highest 10 percent of families account for 70 percent of the income. In Country Y, the highest 10 percent of families account for 20 percent of the income. In this example:
a. Country Y would be located on the line of perfect inequality.
b. income is more equally distributed in Country Y.
c. income is more equally distributed in Country X.
d. Country X would be located on the line of perfect equality.
e. the degree of income inequality is equal in both the countries.
b
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Consider the same setup with the curved final exam as in the previous question. Now suppose the students move sequentially. Which best describes the outcome in the subgame-perfect equilibrium?
a. Brainiacs study and Numbskulls party regardless of who moves first. b. Brainiacs party and Numbskulls study regardless of who moves first. c. The party moving first studies. d. The party moving first parties.
As the price of a good increases, the marginal utility per dollar spent on that good will also increase
a. True b. False Indicate whether the statement is true or false
In the long run, it is in the best interests of a member of a cartel to: a. decrease the price of its output
b. increase the level of its output. c. maintain the same quality of output. d. improve the quality of its output.
The set of items that serve as media of exchange clearly includes
a. balances that lie behind debit cards. b. demand deposits. c. other checkable deposits. d. All of the above are correct.