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Assessment
What does the Gini coefficient measure in economics?
Income inequality
The unemployment rate
The inflation rate
Gross Domestic Product growth
In welfare economics, what does the term 'Pareto efficiency' refer to?
A situation where no individual can be made better off without making someone else worse off
A scenario of maximum utility for a single consumer
A market condition affecting consumer demand only
A government-imposed price floor
Which of the following statements about supply and demand inequalities is correct?
Price ceilings create a surplus in the market
Equilibrium is achieved when supply equals demand
Demand always exceeds supply in a perfectly competitive market
Supply curves are typically downward sloping
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