Income inequality is
A. Often greatest in the poorest countries.
B. Often greatest in the richest countries.
C. An issue because households in the lowest quintile receive more than their share of income.
D. Not an issue in the United States because of the redistribution of income through the federal tax system.
Answer: A
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The business cycle describes
A) the change in the standard of living across countries. B) the change in potential GDP over time. C) the behavior of real GDP over time. D) the behavior of nominal GDP over time. E) the behavior of GNP over time.
The equation TR/Q is used to compute
A) total cost. B) average revenue. C) demand. D) marginal revenue.
The demand curve for labor is the
A) marginal factor cost curve for labor. B) marginal physical product curve for labor. C) marginal physical product curve for labor times the wage rate. D) marginal revenue product curve for labor.
Explain the concept of consumer equilibrium
What will be an ideal response?