Supply and Demand Quiz
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Questions and Answers

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?

  • 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?

  • 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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