A Lorenz curve measures the ________ on the horizontal axis
A) cumulative percentage of family income
B) cumulative percentage of family wealth
C) cumulative percentage of families
D) demand of families on welfare
Answer: C
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The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Suppose the game above is repeated every day, and both firms adopt the following strategy: cooperate on the first day, then if the other firm cheats, cheat the next day, and if the other firm abides, abide the next day. This type of strategy is known as: ________.
A. the cartel solution B. a tit-for-tat strategy C. a prisoner's dilemma D. the golden rule
Assuming perfect perfect capital mobility, the BP schedule is
a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. flat.
A decrease in demand is represented by:
a. a shift outward of the entire demand curve. b. a shift inward of the entire demand curve. c. a movement along the demand curve in a southeasterly direction. d. a movement along the demand curve in a northwesterly direction.
For an inferior good, a rise in price causes
a. negative income and substitution effects b. positive income and substitution effects c. a negative income effect and a positive substitution effect d. a positive income effect and a negative substitution effect e. a positive income effect, but no substitution effect