The most unequal distribution of income in the above figure exists in
A. country 4.
B. country 5.
C. country 3.
D. country 1.
Answer: D
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One of the tendencies that is common among firms regulated using rate of return regulation is to
A) increase production to an inefficient level. B) inflate the costs of production. C) incur an economic loss. D) understate the costs of production. E) overstate their total revenue.
The income—expenditure identity says that
A) Y = C + S + T. B) Y = C + I + G. C) Y = C + I + G + NX. D) Y = C + I + G + NX + CA.
Private property rights involve
A) exclusive rights to use, transfer, and exchange the property. B) exclusive rights to use property, but not to exchange the property. C) rights to enjoy the property in any way desired but not to transfer or exchange the property. D) rights granted by the government for renewable terms of 100 years or more.
A downward-sloping portion of a long-run average total cost curve is the result of:
A. economies of scale. B. diseconomies of scale. C. diminishing returns. D. the existence of fixed resources.