The Gini Coefficient for the United States in 1980 Was

question 231

Multiple Choice

The Gini coefficient for the United States in 1980 was 0.403.In 2014, the coefficient was equal to 0.480.This means that

• A)per capita income in the United States rose from 1980 to 2014.
• B)there was a decrease in the amount of government transfer payments from 1980 to 2014.
• C)cuts in federal income tax rates in the early 1980s and 2001 helped to reduce income inequality.
• D)income inequality increased from 1980 to 2014.

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Definitions:

Economic Recession

An economic recession is a significant decline in economic activity across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Regulated Monopolies

Market situations in which local, state, or federal government grants exclusive rights in a certain market to a single firm.

Economic Recession

a period of temporary economic decline characterized by a decrease in GDP, income, employment, and trade, typically lasting from six months to a year.

Communism

Economic system in which all property would be shared equally by the people of a community under the direction of a strong central government.