A Gini coefficient of 0.1 represents more inequality in income distribution than a Gini coefficient of 0.9.
Answer the following statement true (T) or false (F)
False
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The CPI market basket is determined by
A) tax return data of households. B) supermarket purchases recorded by scanner technology. C) profit releases of the largest companies. D) a consumer survey. E) surveys asking large retail companies, such as Wal-Mart, about their sales of consumer goods and services.
When a firm practices perfect price discrimination,
a. Consumer surplus is maximized b. Producer surplus is minimized c. Producer surplus is maximized d. None of the above
If an economy is producing at a point on the production possibilities curve it represents: a. full employment of existing resources. b. the gains from trade that an economy can enjoy
c. the maximum amount of two goods that can be produced with existing resources. d. decreasing opportunity costs of producing both goods. e. overutilization of existing resources.
The AD-AS model implies that, in the long run,
a. the economy adjusts very quickly to demand shocks b. changes in government spending have no effect on GDP c. the price level never changes d. a mixture of fiscal and monetary policy is necessary to achieve full employment e. the Fed controls output