In which of the following scenarios would the Gini coefficient measure zero?
a. People earn the same income.
b. John receives a wage of $1 per hour.
c. The king ends up with all the nation's income.
d. There is a one-to-one ratio of income to population.
e. 100 percent of the income is held by 100 percent of the population.
A
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The above figure shows the U.S. market for 1 carat diamonds. Area C is the
A) decrease in consumer surplus due to the import quota. B) importers' profit from the quota. C) deadweight loss from the import quota. D) increase in producer surplus due to the import quota. E) gain in total surplus due to the import quota.
When "rent controls" result in a shortage of housing, landlords
A) use criteria other than price to allocate housing. B) lower the price to allocate the housing. C) attempt to attract renters. D) None of the above.
In what way is monopolistic competition more like competition, and in what way is it more like monopoly?
What will be an ideal response?
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.