The Gini Coefficient in the United States has changed from 0.377 in 1986 to 0.45 in 2017, which means income inequality has ______.
a. grown
b. shrunk
c. disappeared
d. held steady
a. grown
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The rationing function of prices refers to
A) the situation when government must intervene in a market when there is a large shortage or surplus. B) the synchronization of decisions by buyers and sellers that leads to an equilibrium. C) the synchronization of decisions by buyers and sellers through the direction of government agencies. D) the situation when only the rich get the goods they want.
When an entrepreneur introduces a new improved product that is highly valued relative to cost
a. consumers will be worse off. b. the demand for the products that are good substitutes for the new product will increase. c. some of the existing products will become obsolete and businesses producing those products will fail. d. total employment will decline if there are business failures.