Which scenario best illustrates a Gini coefficient equal to one?
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.
C
Economics
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Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. What is the absolute value of the price elasticity of demand?
A) 0.11 B) 0.37 C) 2.69 D) 9.33
Economics
Which of the following demand factors are under the control of management?
a. price of product b. advertising c. price of competitors' products d. customer service e. all except c
Economics