If a country's Gini coefficient had a value of one, this means:
a. the country has a perfectly even distribution of income.
b. income is fairly evenly distributed across the country.
c. income is fairly uneven across the country.
d. all the income in the country goes to one person.
Ans: d. all the income in the country goes to one person.
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Suppose a monopolist is producing a level of output such that MR > MC. Which of the following best describes what will happen as the firm moves to its profit-maximizing equilibrium?
A) Marginal revenue will rise and marginal cost will fall. B) Marginal cost and marginal revenue will both rise. C) Marginal revenue will fall and marginal cost will rise. D) Marginal cost and marginal revenue will both fall.
A nation's standard of living: a. will increase substantially over time even for a small increase in the growth rate. b. will increase by the same amount as the increase in the growth rate
c. will decrease substantially over time even for a small increase in the growth rate. d. will increase less than the amount of the increase in the growth rate.