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Author Question: If New England had a Gini coefficient of 0.32 and the Middle Colonies had a Gini coefficient of ... (Read 100 times)

tfester

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on: Jun 30, 2018
If New England had a Gini coefficient of 0.32 and the Middle Colonies had a Gini coefficient of 0.65, which of the following would be most accurate?
 a. The Middle Colonies would have a higher per capita income.
  b. The Middle Colonies would have a lower per capita income.
  c. The Middle Colonies would have greater income inequality.
  d. The Middle Colonies' income was growing faster.

Question 2

If the government-imposed price of corn is greater than the market price,
 a. the quantity of corn supplied will exceed the quantity of corn demanded.
  b. the quantity of corn supplied will be less than the quantity of corn demanded.
  c. the demand curve for corn will shift to the right.
  d. the supply curve of corn will shift to the right.


Dominic

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c. The Middle Colonies would have greater income inequality. (Gini coefficient is a measure of income inequality. The higher it is, the more unequal the income.)

Answer to Question 2

a. the quantity of corn supplied will exceed the quantity of corn demanded.


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