In 2010, households in the lowest quin tile of the income distribution received
a. 3.8 percent of aggregate income.
b. 5.7 percent of aggregate income.
c. 8.7 percent of aggregate income.
d. 10 percent of aggregate income.
a. 3.8 percent of aggregate income.
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If the area between the line of equality and the Lorenz curve is 1,000, the Gini ratio is
A) 0.8. B) 0.2. C) 0.1. D) 0.5.
Which of the following best summarizes the importance of business failure and the central idea of "creative destruction in a market economy"?
What will be an ideal response?
The demand curve for a product might shift as the result of a change in:
A. consumer incomes. B. consumer tastes. C. the prices of related goods. D. all of these.
The marginal revenue product of an input in a competitive market decreases as a firm increases the quantity of the input employed because of the:
A. Law of diminishing returns B. Law of diminishing marginal utility C. Homogeneity of the product D. Free mobility of resources