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.
Answer: C
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"Opportunity cost" is
A) the monetary cost of one's actions. B) the objective cost of one's actions. C) the regret one feels when making a sacrifice. D) the value one places on the item, project, or plan he has chosen to pursue. E) none of the above.
A tax for which the rate varies directly with the income of the person taxed is known as a(n):
a. regressive tax. b. progressive tax. c. proportional tax. d. flat tax. e. excise tax.
Describe the three basic tools used by the Fed to change the money supply. Which of these tools is most relied on in practice? Least relied on? Why?
What will be an ideal response?
Characteristics of the "invisible hand" concept include all of the following, except
A. Simple markets. B. Individuals and firms pursue their own self-interest without any central direction or regulation. C. A complete lack of government involvement in the economy. D. All of the choices are characteristics of the "invisible-hand."