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Questions and Answers
What does the Phillips curve represent?
What does the Phillips curve represent?
- The relationship between income and wealth inequality
- The relationship between supply and demand
- The relationship between production and opportunity cost
- The relationship between inflation and unemployment (correct)
What does the Gini coefficient measure?
What does the Gini coefficient measure?
- The relationship between income and wealth inequality (correct)
- The relationship between supply and demand
- The relationship between production and opportunity cost
- The relationship between inflation and unemployment
What is the significance of the income effect?
What is the significance of the income effect?
- It illustrates the concept of trade-offs in production
- It shows the trade-off between inflation and unemployment
- It analyzes how changes in income impact the quantity and types of goods and services individuals consume (correct)
- It measures income or wealth inequality within a society
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