If the Gini coefficient for the United States is 0.47 and that for India is 0.36, which of the following statements is true?
a. The U.S. being an industrialized nation has a lower income inequality than India.
b. The Lorenz curve for the U.S. lies above the Lorenz curve for India.
c. India, in spite of being a developing nation, has lesser income inequality than the U.S.
d. The Lorenz curve for India would coincide with the line of perfect equality.
e. The distribution of income in both the economies are equal.
c
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The nominal gross domestic product (GDP) for a country was $1,000 in 2003 and $1,500 in 2004 . The GDP price index was 100 in 2003 and 150 in 2004 . Between 2003 and 2004, real GDP _____
a. increased by $500 b. increased by $333 c. increased by $50 d. remained the same e. decreased by $50
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 If the corn was grown and the jar of popcorn produced in the year 2017, but the jar was sold at Friendly Groceries in the year 2018, what is the contribution of these transactions to GDP in the year 2017?
A. $0.50 B. $2.00 C. $3.00 D. $2.50