The Gini coefficient index
a. is a curve that bows outward from the Lorenz curve.
b. is a straight line coinciding with the Lorenz curve.
c. has a minimum value of 1.0.
d. is another way of expressing income inequality.
d. is another way of expressing income inequality.
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List the three coordination decisions made by every economy
a. Where? When? How? b. How? What? To whom? c. Why? Where? What? d. When? To Whom? Where?
Refer to Table 3.1. Suppose that you have a house that you rent out. If you keep the lawn maintained, you can charge a higher monthly rent for the house. Suppose your hourly wage from your job at the mall is $10, what is the net benefit of spending 12 hours per week maintaining the lawn of the house?
A. $120
B. $210
C. $320
D. $330
Suppose a market with a Cournot structure has five firms and a market price elasticity of demand equal to -2. What is a Cournot firm's Lerner Index?
A) .1 B) .2 C) .5 D) 1
If the Fed lowers its target for the federal funds rate, this indicates that
a. the Fed is pursuing an expansionary monetary policy. b. the Fed is pursuing a contractionary monetary policy. c. the Fed is attempting to combat inflation. d. the Fed is concerned that the growth in aggregate demand will exceed potential GDP.