According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the lowest level of income equality?
A) Portugal
B) United States
C) Norway
D) Russia
B
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A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300If the nation uses all of its resources to produce only wheat, then its production combination will be
A. A. B. B. C. F. D. E.
If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because
A) buyers of steel are less sensitive to a price change if they have more time to adjust to the price change. B) profits will fall by a greater amount in the long run than in the short run. C) buyers of steel are more sensitive to a price change if they have more time to adjust to the price change. D) sales revenue in the building industry will fall sharply.
A bond has a current market value of $800. The holder of the bond will receive a single payment of $1,000 one year from now. The interest rate is 10 percent. The effective yield on the bond is:
A) $200. B) 10 percent. C) 25 percent. D) negative. E) The yield cannot be determined with the information provided.
Which of the following statements is false?
a. Round stones with holes in the center can serve as money. b. Money eases the process of exchanging goods and services in a modern economy. c. Money serves as a measure of value only when it is backed by gold or silver. d. Money is used as a measure of the relative value of goods and services in an economy.