Income Equality Has

question 18

Multiple Choice

Income equality has

• A) narrowed within countries but increased across countries.
• B) increased within countries but narrowed across countries.
• C) decreased in Australia as manufacturing has increased.
• D) not changed in the advanced economies over the past 50 years.
• E) increased in developing economies as manufacturing has decreased.

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Definitions:

Isoquant

A curve depicting all the combinations of inputs that result in the production of a specific amount of output, illustrating the concept of production efficiency.

Roller Skates

Shoes, or bindings worn on shoes, equipped with four wheels for skating on surfaces, popular as a form of recreation or sport.

Capital

The wealth, whether in money or assets, used in the production of more wealth.

Isocost Line

A graph line that shows all possible combinations of inputs that can be purchased with a given total cost.