A Gini coefficient of 1 denotes:
A. perfect inequality of income distribution.
B. zero income.
C. perfect equality of income distribution.
D. infinite income.
Answer: A
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There is greater support for active policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) none of the above.
A country will specialize in the good for which
A) it has absolute advantage. B) it has moderate production costs. C) it can produce at minimum average cost. D) it has comparative advantage.
Rent seekers are those who seek to
a. use the government to protect their existing property interests b. use the government to change the rules of the market game in their favor c. convert public land into private land d. convert public resources into private resources e. maximize their own private gains from trade
Which two curves tell you whether or not you've achieved maximum profit?
a. P and MR b. MR and MC c. MC and TC d. P and AVC e. AVC and ATC