Suppose the United States has a Gini coefficient of 0.4 and Sweden has a Gini coefficient of 0.25. Which of the following statements is true?
A) Income distribution is changing faster in the United States.
B) The distribution of income is more equal in the United States.
C) Without information on population, it is not possible to compare income distribution between countries.
D) The distribution of income is more equal in the Sweden.
D
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The major difference between monopolistic competition and monopoly is
A) monopoly is a price setter and a firm in monopolistic competition is a price taker. B) only a monopoly can earn an economic profit in the long run. C) only a firm in monopolistic competition can earn an economic profit in the short run. D) how the quantity of output is determined. E) only firms in monopolistic competition are protected by barriers to entry.
Each bank decides what its legal reserve requirement will be
Indicate whether the statement is true or false
GDP is the market value of:
A. all intermediate goods and services produced in an economy in a given year. B. all expenditures on consumption, investment, and net exports in an economy in a given year. C. all final goods and services produced in an economy in a given year. D. all expenditures on natural resources, labor, and capital goods in an economy in a given year.
If the social costs of refining oil are greater than the private costs of oil refining, then
A) the external costs of oil refining are greater than the social costs of oil refining. B) users of products that use refined oil are paying too much for the products. C) there is too much oil refining. D) the amount of oil refining needs to increase in order to bring social costs and private costs in line with each other.