If a nation's Lorenz curve lies on the line of income equality
A. proportionately more of the nation's income is received by the lowest 20% of families than the highest 20%.
B. income is unequally distributed.
C. proportionately more of the nation's income is received by the highest 20% of families than the lowest 20%.
D. the income received by each 20% of families is 20% of the total income.
D. the income received by each 20% of families is 20% of the total income.
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In the figure above, if the minimum wage is $8 per hour, then
A) resources used in job-search activity increase compared to the situation before the minimum wage. B) it is legal to hire workers for a wage below the minimum wage because otherwise unemployment would result. C) the deadweight loss is minimized. D) Both answers A and B are correct. E) Both answers B and C are correct.
Which components of aggregate expenditure are influenced by real GDP?
What will be an ideal response?
The payments system is
A) the method of conducting transactions in the economy. B) used by union officials to set salary caps. C) an illegal method of rewarding contracts. D) used by your employer to determine salary increases.
Business cycles are a persistent feature of the U.S. economy
a. True b. False Indicate whether the statement is true or false