Refer to the information provided in Figure 18.1 below to answer the question(s) that follow.
Figure 18.1Refer to Figure 18.1. Suppose that the Lorenz curve ________. This would mean that the distribution of income is equal.
A. was above the 45-degree line OB
B. was perfectly vertical
C. was below the 45-degree line OB
D. was the same as the 45-degree line OB
Answer: D
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Crops that are grown primarily to sell, rather than to consume, are referred to as
a. staples b. subsistence crops c. cash crops d. market crops e. none of the above
Which of the following is correct? The supply curve will shift when
A) income, preferences, or the number of suppliers change. B) income, preferences, or the number of buyers change. C) income, preferences, or production technology changes. D) the number of sellers and the number of buyers change. E) production technology and input prices change.
In the graph shown above, if the government set a price ceiling of $18
A. the price would rise to the equilibrium price.
B. the price would fall to equilibrium price.
C. there would be a temporary shortage, then price would rise to equilibrium price.
D. there would be a permanent shortage, at least until the price ceiling was lifted.
What is meant by scientific method?
What will be an ideal response?