Externalities are direct benefits or costs accruing to individuals or groups of individuals who were not participants in the activity.
Answer the following statement true (T) or false (F)
True
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A Lorenz curve that represents an unequal income distribution is
A) a straight line starting at the origin. B) a straight line starting at 100% C) a bowed curved. D) a line that has a kink in the middle of it.
The basic economic problem is:
a. inflation. b. unemployment. c. poverty. d. scarcity. e. lack of money.
Fiscal policy _____
Fill in the blank(s) with the appropriate word(s).
Which of the following is a characteristic of a firm in a perfectly competitive market?
A) The firm cannot make a profit in the short run because it is too small a part of the total market. B) The firm can make a profit in the long run but not in the short run. C) The firm can sell as much as it wants without having to lower its price. D) The firm must lower its price in order to increase quantity demanded.