The degree of inequality in the distribution of income in an economy is depicted in a(n):
A. Lorenz curve
B. Phillips curve
C. Engels curve
D. Indifference curve
A. Lorenz curve
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A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of
A) a perfectly inelastic demand curve. B) economies of scale. C) control of a key raw material. D) network externalities.
Suppose an apartment complex is converted to an owner occupied condominium. Suppose that the estimated value of the condominium owners' housing services is now the same as their former rent
A) GDP increases. B) GDP decreases. C) GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP. D) None of the above.
A market with few sellers, some influence over price, high barriers to entry, a differentiated product, and non-price competition is known as
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
If the quantity of money demanded exceeds the quantity of money supplied at a given interest rate, what will happen to restore the market to equilibrium?
a. The public will try to buy bonds, the price of bonds will increase, and the interest rate will fall until equilibrium is attained where the money demand and supply curves intersect at the market interest rate. b. The public will try to sell bonds, the price of bonds will decrease, and the interest rate will rise until equilibrium is attained where the money demand and supply curves intersect at the market interest rate. c. The public will try to sell bonds, the price of bonds will increase, and the interest rate will fall until equilibrium is attained where the money demand and supply curves intersect. d. The public will try to buy bonds, the price of bonds will increase, and the interest rate will rise until equilibrium is attained where the money demand and supply curves intersect. e. The public will try to buy bonds, the price of bonds will decrease, and the interest rate will fall until equilibrium is attained where the money demand and supply curves intersect.