For the United States in 2012, a Gini Coefficient of 0.47

question 86

Multiple Choice

For the United States in 2012, a Gini coefficient of 0.47 suggests that:

• A) the United States has almost achieved income equality.
• B) the average household income is $49,445.
• C) compared to most European countries, the United States has unusually high levels of income inequality.
• D) the median household income for the United States is $49,445.

Understand the law of supply and how price influences quantity supplied.

Analyze the impact of technological advancements on supply.

Understand how changes in consumer preferences and population demographics affect demand.

Comprehend how market mechanisms (increase or decrease in the number of firms) affect supply.

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