The way income is allocated among the population is called the
A) income curve.
B) income spread.
C) distribution of income.
D) Gini allocation.
C
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Refer to Table 2-9. If the two countries specialize and trade, who should export sailboats?
A) There is no basis for trade between the two countries. B) Guatemala C) Honduras D) They should both be importing sailboats
Why are total expenditures on a good maximized at the point on the demand curve where the price elasticity of demand equals -1? Explain your answer using the appropriate algebra.
What will be an ideal response?
Suppose the federal government is considering alternatives to increase the level of real GDP in order to reduce unemployment. It can only do one of the following. Which will have the smallest impact on the federal budget?
A. Decreasing transfer payments B. Increasing government spending C. Increasing transfer payments D. Decreasing government spending
If the economy is in the vertical portion of the AS curve, what will be the effect on an increase in the price level on the level of employment?
A. There will be substantial increase in employment B. There will be a less than proportional increase in employment C. There will be no change in employment D. Cannot be predicted from the information given