Which concept compares the share of total wealth in society that is received by different groups?
a. Income inequality
b. Poverty line
c. Poverty rate
d. Financial distribution
a. Income inequality
Income inequality compares the share of the total income (or wealth) in society that is received by different groups; for example, comparing the share of income received by the top 10% to the share of income received by the bottom 10%.
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Which of the following is a valid reason for protecting an industry?
A) The industry is unable to compete with low-wage foreign competitors. B) Protection penalizes lax environmental standards. C) Protection keeps richer nations from exploiting the workers of poorer countries. D) None of the above reasons is a valid reason for protection.
During which of the following time periods did inflation remain above 5 percent every year?
A) 1990 through 1999 B) 1973 through 1982 C) 1968 through 1971 D) 1958 through 1962
By definition, M1 includes:
a. savings accounts. b. money market mutual accounts. c. small denomination time deposits. d. checkable deposits.
Externalities may be internalized by
A. government-imposed taxes and subsidies. B. regulation. C. legal rules and procedures. D. All of the choices are correct.