The Gini ratio is a measure of
A) income inequality.
B) wealth distribution.
C) income distribution.
D) income as compared to wealth.
A
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The administrative burden of regulating price in a monopolistically competitive market is
a. small due to economies of scale. b. large because price is usually below marginal cost. c. large because of the large number of firms that produce differentiated products. d. small because firms produce with excess capacity.
The process of entry and exit into a monopolistically competitive market continues until:
A. profits are positive. B. profits are zero. C. profits are negative. D. Any of these statements could be true.
If the marginal propensity to consume (MPC) increases, then
A. the multiplier increases. B. the marginal propensity to save (MPS) increases. C. the multiplier decreases. D. MPC + MPS is less than 1.
Country A has a comparative advantage compared to Country B in the production of shoes if
A. Country A can produce shoes at a lower cost in terms of other goods than Country B can. B. Country A can produce shoes at a lower monetary cost than Country B can. C. Country A can produce shoes using fewer resources than Country B can. D. the demand for shoes is higher in Country A than in Country B.