Income inequality tends to be greatest in
A. Poorest countries.
B. Richest countries.
C. Middle-income countries.
D. None of the choices are correct.
Answer: A
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Answer the next question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. Government SpendingTax RevenuesGDPYear 1$450$425$2,000Year 25004503,000Year 36005004,000Year 46406205,000Year 56805804,800Year 66006205,000As a percentage of GDP, the
A. budget deficit was 3.9% in year 4. B. budget surplus was less than 1% in year 6. C. public debt was 12.5% in year 1. D. public debt was 3% in year 6.
When the purchasing power of money declines:
a. the demand for money increases and interest rates fall. b. the supply of bonds increases and interest rates fall. c. the demand for money increases and interest rates rise. d. the supply of bonds decreases and interest rates rise. e. the demand for money decreases and interest rates rise.
An economist secures volunteers from her college campus and divides them into two groups that are ushered into different rooms. Both groups are given a test. Those in the first group who score 90 percent or more receive an Apple iPad. Upon exiting the room, those given iPads are offered the choice of receiving $150 in exchange for the iPad. Only a few take the exchange. Those in the second group who score 90 percent are offered either an Apple iPad or $150. About half the students choose $150. The professor uses this data to support a principle known as the endowment effect. The professor is engaging in:
A. natural experiments. B. the economic decision rule. C. experimental economics. D. a market coordination mechanism.
"Only individual members of society earn income, not society itself." This statement is most closely associated with the political philosophy of a
a. utilitarian. b. liberal. c. libertarian. d. None of the above is correct.