Which of the following Gini ratios indicates the lowest degree of income inequality?
A. 0.71.
B. 0.55.
C. 0.31.
D. 0.45.
Answer: C
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If the price of apples is on the vertical axis and the quantity of apples demanded is on the horizontal axis, the slope between two points on the line describing the relationship between price and quantity is
A) the change in price multiplied by the change in quantity. B) the change in price divided by the change in quantity. C) the change in quantity divided by the change in price. D) price divided by quantity.
If a market is shared equally by 100 firms, the Herfindahl-Hirschman Index is
A) 1/100. B) 1/50. C) 50. D) 100.
If 50 percent of the population receives 20 percent of the total income, it can be represented on the Lorenz curve by:
a. a point below the line of income equality. b. a line below the line of income equality. c. a point on the line of income equality. d. a line intersecting the line of income equality from below. e. a point above the line of income equality.
Teams have an incentive problem called free-riding
Indicate whether the statement is true or false