If the Gini coefficient is greater for the United Kingdom than for Japan, we can conclude that the
A. Distribution of income in the United Kingdom is closer to being equal than in Japan.
B. Distribution of income in the United Kingdom is as equal as it is in Japan.
C. Relative distributions of income in the two countries are the same.
D. Distribution of income in the United Kingdom is less equal than in Japan.
Answer: D
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Newsgroup Markets
Visit one of the following newsgroups: (Newsgroups provide lists of messages on a particular topic. Google provides a searchable interface for these newsgroups.)
- rec.antiques.marketplace
- rec.audio.marketplace
- rec.music.makers.marketplace
Questions:
- Do participants in such lists receive gains from trade? How?
- Does the existence of internet newsgroups such as these allow some individuals to gain from trade that might not otherwise occur? Explain.
If a country with a large government debt uses money creation to service and repay the debt, this will lead to
a. lower interest rates. b. an appreciation of the nation's currency in the foreign exchange market. c. inflation, higher interest rates, and a financial crisis. d. rapid economic growth, as the expansionary monetary policy stimulates the economy and generates the additional tax revenue to service the larger debt.
Suppose that the demand in a particular industry is given by Qd = 500 ? 2P. When the market price in the industry is $50 per unit, total demand in the industry is ________. Furthermore, assume that the entire market consists of four firms that share the market equally. The HHI under these conditions is then ________.
A. 225 units; 3,333.33 B. 400 units; 2,500 C. 400 units; 10,000 D. 225 units; 1,600
The Dansby-Willig index measures the potential for a change in social welfare by examining the effect of changes in industry:
A. revenue. B. production cost. C. output. D. profit.