Which of the following numbers, if it were equal to the 80/20 ratio for a particular country, would indicate the most inequality?
A. 1
B. 2
C. 0
D. 0.5
Answer: B
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Which of the following statements is true of the world price of a good?
A) It is determined by the World Bank. B) It is determined by the intersection of the world supply and world demand curves for the good. C) It is always less than the domestic price of the good in the country that exports the good. D) It is always greater than the domestic price of the good in the country that imports the good.
Imports are a leakage in the sense that
a. the international financial system is unstable. b. consumers buy foreign output of goods and services. c. foreigners earn less than U.S. workers. d. a trade deficit increases aggregate demand.
Resources devoted to complying with the tax laws are a type of deadweight loss
a. True b. False Indicate whether the statement is true or false
Which of the following statements is not correct?
a. The percentage of the population that suffers from long-term poverty is far smaller than the percentage of the population that suffers from short-term poverty because there is a high level of economic mobility in the United States. b. Permanent income is a better measure of a family's ability to buy the necessities of life than is transitory income. c. The economic life cycle theory explains why gifts of goods and services reduce poverty for the very young and the very old. d. Because people can borrow and save to smooth out changes in income, their standard of living in any one year depends more on lifetime income than on a particular year's income.