Which of the following countries has a Lorenz curve that is furthest away from the perfect equality line?
a. Brazil
b. The United States.
c. Czech Republic
d. All have equal income distributions.
c
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If there is no scarcity,
A) choices are no longer rational. B) all marginal benefits would equal zero. C) the opportunity cost of an action would be greater than its sunk cost. D) marginal cost of an action is greater than its marginal benefit. E) an action would have zero opportunity cost.
When the production possibility frontier shifts out relatively more in one direction, we have
A) biased growth. B) unbiased growth. C) immiserizing growth. D) balanced growth. E) imbalanced growth.
Suppose that when the price of good X changes, the quantity of good Y demanded remains the same. The cross price elasticity of demand is
A) zero. B) positive. C) negative. D) either positive or negative.
Which of the following statements is true?
a. A sales tax on food is a regressive tax. b. The largest source of federal government tax revenue is individual income taxes. c. The largest source of state and local governments tax revenue is sales and excise taxes. d. All of the above are true. e. None of the above are true.