The above figure shows the Lorenz curves for four different countries. Which of the following statements CANNOT be made on the basis of the graph?
A) Incomes are distributed unequally in all four countries.
B) Income distribution in country D is the most unequal among the four countries.
C) Incomes are higher in country A than in country B.
D) Income distribution is more equal in country B than in country D.
C
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The minimum wage is an example of a government price ceiling and results in a reduction in unemployment.
Answer the following statement true (T) or false (F)
Suppose inflation comes in the form of an across-the board increase in all prices by some percentage k. For a consumer with exogenous income operating in a 2-good world, this will cause the budget constraint to
A. rotate inward B. rotate outward C. shift out in a parallel way D. shift inward in a parallel way E. none of the above
Suppose three neighbors must vote on the installation of a traffic light that costs $210. The cost of the light will be shared by all three
Voter A values the light at $50; voter B values the light at $50; and voter C (who drives the most) values the light at $200. If the voting rule is that the majority wins, does the light get purchased? Is it efficient to purchase the light?
Which of the following is not a characteristic of pure competition?
A. Price strategies by firms. B. A standardized product. C. No barriers to entry. D. A larger number of sellers.