A Gini coefficient of one means that
A. all the income is received by the top 20% of families.
B. one family has all the income and everyone else has nothing.
C. income is distributed equally.
D. the income is split equally between the top 20% and the rest of the distribution.
Answer: B
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Advances in productivity increase supply because they might
A) increase the price expected in the future. B) decrease the cost of production. C) increase the number of firms producing the good. D) raise the prices of resources used to produce the good. E) decrease the number of goods available.
The number of compact discs purchased by a consumer depends on the price of the discs as well as the prices of all other goods purchased.
Answer the following statement true (T) or false (F)
In the political market place, typical voters
A) support policies that they think will make the poor better off. B) fire bureaucrats who support efficient policies. C) are fully informed. D) are sometimes rationally ignorant about a policy.
All of the following affect the demand for labor by a firm except
A. the amount of labor that will be supplied at different wages. B. the level of demand for the firm's products. C. the marginal physical product of the labor. D. the marginal revenue the firm receives for its products.