Among developed countries, the United States has
A) one of the lower Gini coefficients.
B) one of the higher Gini coefficients.
C) the most unequal distribution of income.
D) an income distribution right about at the median of those countries.
B
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Answer the following statement(s) true (T) or false (F)
1. The Pareto criterion is a criterion under which any proposal that can be unanimously defeated should be rejected. 2. To be effective, a price ceiling needs only to be enforced. 3. If a tax and a price control have the same effect on the price paid by consumers, then the two policies will create the same deadweight loss. 4. Consumers will benefit from a tariff, because it helps domestic firms and generates revenue for the government. 5. The value of a good is ultimately determined by the amount of labor needed to produce the good.
"The income elasticity of a good is positive if a consumer increases the total spending on that good as a result of an increase in its market price." Do you agree or disagree? Why?
What will be an ideal response?
Lula Panagis, a bright new Ph.D. in economics, turned down many job offers because she hopes eventually to receive an offer from one of the top 10 universities. The type of unemployment she is experiencing is
a. frictional b. structural c. involuntary d. cyclical e. underemployment
Excise taxes are a form of sales tax.
Answer the following statement true (T) or false (F)