According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the highest level of income equality?
A) Portugal
B) United States
C) Norway
D) Russia
C
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None of the transition economies avoided the transition recession
a. True b. False
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing
A. cars. B. neither cheese nor cars. C. cheese. D. both cheese and cars.
Suppose a firm's costs are F + v ? q2 where F and v are positive real numbers and the firm sells its product at the market determined price p. Profits are calculated using
A) p ? q - F - v ? q2. B) [p -(F/q + v ? q)] ? q. C) [(p ? q)/q -(F + v ? q)/q] ? q. D) Both A and B.
Assume that Janet is risk-averse. Which of the following bets is she more likely to accept, depending on the degree of risk aversion?
A. win $20 one-fourth of the times, win $10 one-fourth of the times, and lose $20 one-fourth of the times B. win $20 one-fourth of the times, win $10 one-half of the times, and lose $20 one-fourth of the times C. win $40 one-fourth of the times, break even one-half of the times, and lose $40 one-fourth of the times D. win $40 one-fourth of the times, win $10 one-half of the times, and lose $40 one-fourth of the times