Figure 33.3 illustrate Lorenz curves for four different economies. Which economy will have a Gini coefficient of zero?
A. A.
B. B.
C. C.
D. D.
Answer: A
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When a tax is imposed on a good or service, the
A) revenue gained by the government is the excess burden. B) deadweight loss that arises from a tax is the excess burden. C) share of the tax paid by the buyer is the excess burden. D) share of the tax paid by the seller is the excess burden. E) amount the government collects as tax revenue is the deadweight loss from the tax.
There are no costs to inflation if it is fully anticipated
Indicate whether the statement is true or false
The government might provide a subsidy when
A) a negative externality exists. B) an effluent fee has been unsuccessful. C) it wants to increase the amount of a good consumed. D) it wants to transform a negative externality into a positive externality.
An elastic supply is one in which the elasticity is greater than:
a. two. b. four. c. one. d. three.