atio for the United States compare to the Gini Ratios for other rich countries,

Question

atio for the United States compare to the Gini Ratios for other rich countries, e. Germany, Japan, and Sweden? for s. How does the Gini Fras Gini Ratio is larger than the Gini Ratios of these other rich countries. The Gini Ratio is about the same as the Gini Ratios of other rich countries. LS. Gini Ratio is smaller than the Gini Ratios of other rich countries. c. The U.S. Gini Ratio is larger than the Gini Ratios of about half of the other rich countries, and smaller than the Gini Ratios of the other half. Nobody knows Whitening tothpaste is a normal good. The incomes of consumers increase. As a result, what vwill 9. toothpaste? happen in the market for whitening The demand curve will shift to the right. b The supply curve will shift to the right. c. The demand curve will shift to the left. d. The supply curve will shift to the left. e. The demand and supply curves both remain unchanged. 10. Throughout U.S. history, the median woman who works full time, year round has earned less than the median man who works full time, year round. Thus the ratio of the median woman's earnings to the median man's earnings is less than one. Since the 1970s, this ratio has a. decreased substantially. b. stayed about the same. c. increased substantially d. increased until about 2000, and then decreased. e. changed in ways that have not been measured. 11. Job A and Job B are identical in every way except one. The only difference between the two jobs is hat the working conditions of Job A are pleasant, whereas the working conditions of Job B are npleasant. As a result, there will be a compensating wage-rate differential, and the equilibrium wage ate for Job B will be higher than the equilibrium wage rate for Job A. Why does the compensating ifferential arise? a. The demand curve for B labor is to the right of the demand curve for A labor b· The demand curve for B labor is to the left of the demand curve for A labor. c. The supply curve for B labor is to the right of the supply curve for A labor. d· The supply curve for B labor is to the left of the supply curve for A labor. e. A union has succeeded in pushing the B wage rate above its equilibrium level.

Explanation / Answer

8. The correct answer is: a)

Reason: Historic empirical data proves that the US gini ratio is greater than these rich countries implying greater invome inequality in the US.

9. The correct answer is: a)

Reason: Being a normal good, as income increases the demand for toothpaste will rise thereby shifting the demand curve to the right.

10.The correct answer is: a)

Reason: historical data suggest tjat the gap has reduced significantly in the recent years.

11.The correct answer is: d)

Reason: As the working conditions for job B is unpleasant, the supply of labor for job B will be comparatively less than that for job A i.e. the supply curve for job B labor will be to the left of job A labor.

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