All Gini coefficients must lie between 0 and 1. The lower the value
A) the closer the income distribution is to being equal.
B) the lower the degree of poverty according to the federal government's definition of poverty.
C) the greater the degree of poverty.
D) the more unequal the income distribution.
A
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Which of the following is true of a first-price sealed-bid auction?
A) Bidders directly compete with each other. B) Bidders place their bids simultaneously. C) Bidders know each other's bids. D) Bidders always bid below their willingness to pay.
If cheese spreads and butter are substitutes, an increase in the price of butter will:
a. shift the demand curve for cheese spreads upward. b. shift the demand curve for cheese spreads downward. c. shift the demand curve for butter upwards. d. shift the demand curve for butter downward.
In a competitive labor market, if the supply of labor decreases, wages will:
A. decrease. B. increase. C. drop to zero. D. remain the same.
Because of the automatic stabilizers, a decline in the level of economic activity will cause:
A. a reduction in tax revenues collected. B. a reduction in government expenditures. C. a greater budget surplus. D. Congress to vote for a tax cut.