In the Unites States, the Gini coefficient was .403 in 1980 and .469 in 2010 . What information on income distribution can be derived from this data?
The closer G (Gini coefficient) is to 1 the greater the degree of income inequality. The information provided in the question indicates that the distribution of income has become less equal in the United States over the last 20-30 years.
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The opportunity cost of producing more of one good on a production possibilities frontier is
A) a dollar amount. B) a ratio of quantities. C) a ratio of prices. D) equal to the area inside the production possibilities frontier. E) a theoretical concept which cannot be measured.
In the short-run, a fall in demand results in _____ while in the long-run, a fall in demand results in ______
A. an increase in output and prices; a decline in output only B. a fall in prices and an increase in output; no change in output or prices C. a fall in prices only; and fall in output and prices D. a fall in output and prices; a fall in prices only