The Gini coefficient is 0.27 for Japan and 0.45 for the U.S. This means that Japan
a.is not growing as fast as the U.S.
b.is growing faster than the U.S.
c.has a smaller population income ratio than the U.S.
d.has a larger population income ratio than the U.S.
e.has a more equal distribution of income than the U.S.
102. Economists attribute the high Gini coefficients among less-developed countries primarily
a.predominantly agricultural economies
b.unstable political systems
c.inadequate transportation systems
d.large untapped natural resources
e.proximity to industrial economies
103. The value of the accumulated assets of an individual is called
a.the Lorenz coefficient
b.the Gini coefficient
104. Examples of life-cycle wealth include all of the following except
b.stocks and bonds
c.wages and salaries
105. In colonial days, the wealth holdings among the colonists were
a.approximately equal to their incomes
b.unequally distributed among the colonists
c.about the same as in 1973
d.approximately zero because there was no appreciable accumulation of assets
e.equally distributed among the colonists
106. The case for income inequality is supported by which of the following arguments?
a.personal misfortune is a random event
b.Lerner’s maximum utility argument
d.Marx’s position that private property is theft
e.the Chinese divide-and-choose method of property division
107. Which philosopher believes that advocates of a position on income distribution must look
at a society in the making, where no one yet knows what rules govern economic
activity and income distribution?
b.A. P. Lerner
108. A case for income equality includes all the following except
a.maximum economic growth
b.randomness of personal misfortune
c.unequal ownership of property
d.accepting Rawls’s theory of justice
e.maximization of society’s utility
109. A.P. Lerner believes that society maximizes its total utility when income distribution is
a.perfectly equal, assuming individual utility functions are different
b.perfectly equal, assuming individual utility functions are the same
c.perfectly unequal, assuming individual utility functions are the same
d.perfectly unequal, assuming individual utility functions are different
e.whatever the market dictates because individual utility functions are different
110. Suppose the marginal utility of a dollar for Carl is 7 utils and for Judy, 12 utils.
According to Lerner, society will maximize its total utility if
a.we transfer money from Carl and give it to Judy as long as the marginal utility of
money for Carl is lower than that of Judy’s
b.we transfer money from Carl and give it to Judy as long as the marginal utility of
money for Carl is higher than Judy’s
c.we transfer money from Judy and give it to Carl as long as the marginal utility of
money for Judy is lower than Judy’s
d.we allow the market to determine the marginal utilities of Carl and Judy regardless
of whose is higher
e.Carl and Judy have the same utility functions
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