Refer to the diagram where curves (a) through (e) are for five different countries. The Gini ratio is:
A. zero in country (e) and 1 in country (a).
B. greater in country (b) than in country (c).
C. zero in country (a) and 1 in country (e).
D. less than 0.5 in country (d).
C. zero in country (a) and 1 in country (e).
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People expect their incomes will decrease next year. As a result, the ________ will shift ________
A) short-run aggregate supply curve; rightward B) aggregate demand curve; rightward C) aggregate demand curve; leftward D) long-run aggregate supply curve; rightward
If Congress passes legislation reducing Federal Reserve independence, financial market participants are likely to assume that
A) the money supply will decline. B) inflation will increase. C) recession will quickly follow. D) the federal deficit will rise.
Suppose the index of leading economic indicators begins to decline for several months. Which of the following economic events will likely follow?
a. A recession. b. Severe inflation. c. Greater employment. d. Higher investment.
Suppose a taxpayer has an income of $90,000 and a taxable income of $75,000, and pays $7,500 in taxes. If the taxpayer says he is taxed at a 10 percent tax rate, he is referring to the
A. Marginal tax rate. B. Vertical tax rate. C. Effective tax rate. D. Nominal tax rate.