Which of the following stands true for income inequality?
a. The benefits of increased economic growth are widely shared in the First World countries.
b. As a result of globalization, income inequality in China has decreased.
c. The decrease in income inequality in China is an effect of socialist policies in that country.
d. The gap between rich countries and globalized developing countries has shrunk.
e. Internal migration has played a big role in reducing the income inequality in China.
d
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A country has imports of goods and services at $2,000 billion. The interest paid to the rest of the world is $500 billion. The interest received from the rest of the world is $400 billion. The decrease in official reserves is $10 billion
The government sector balance is $200 billion, savings is $1,800 billion, investment is $2,000 billion, and net transfers is zero. What are net exports? A) $0 B) -$100 billion C) -$200 billion D) $100 billion E) $200 billion
Suppose that some firms in a competitive industry are earning zero economic profits, while others are experiencing losses. All else equal, in the long run, we would expect the number of firms in the industry to
a. increase. b. decrease. c. remain the same. d. We do not have enough information with which to answer this question.
Approaching income redistribution by taking from the rich and giving to the poor is often referred to as the ______.
a. principle of diminishing utility b. Lorenz Curve c. Gini Coefficient d. Robin Hood approach
Figure 4-20
Refer to . As the figure is drawn, who sends the tax payments to the government?
a.
the buyers
b.
the sellers
c.
A portion of the tax payments is sent by the buyers and the remaining portion is sent by the sellers.
d.
The question of who sends the tax payments cannot be determined from the figure.