When comparing income inequality across nations, one finds that the United States is
a. the least equal nation in the world.
b. more equal than most nations but not the most equal.
c. the most equal nation in the world.
d. less equal than most nations but not the least equal.
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which of the following will cause the average cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker B) a $1 per pack tax on cigarettes C) a $1 an hour wage increase paid to all cigarette production workers D) All of the above
Which of the following is true? a. Economic reasoning implies that individuals will acquire all possible information about a choice before making it. b. It is not rational for people to make decisions that could turn out to be mistaken
c. Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction. d. Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.
During a primary election, Candidate A receives 45% of the vote, Candidate B receives 30%, and Candidate C receives 25%. This situation illustrates which of the following?
a. A voting cycle b. Partisan politics c. The electoral college d. The median voter result