If a country has perfect income equality, the Gini coefficient is
A. 1.
B. -1.
C. 0.
D. infinity.1
Answer: C
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Suppose the annual growth rate of GDP in Nepal is 5 percent. In 35 years, GDP in Nepal will double
A) 1.75 times. B) 2.5 times. C) 7 times. D) 24.5 times.
If the GDP deflator rises from one year to the next, we know that
A) economic growth has occurred. B) everyone in the economy is at least slightly worse off. C) real GDP has declined. D) the amount of double-counting in GDP has increased. E) the average money price of the goods included in GDP has risen.
The increase in the demand for widgets, shown in the figure above, is the result of a decrease in the price of McBoover devices. Therefore
A) widgets and McBoover devices are substitutes. B) widgets and McBoover devices are complements. C) widgets are a normal good. D) McBoover devices are a normal good.
John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available
a. John and Curtis are both frictionally unemployed. b. John and Curtis are both structurally unemployed. c. John is frictionally unemployed, and Curtis is structurally unemployed. d. John is structurally unemployed, and Curtis is frictionally unemployed.