An actual Lorenz curve shows
A. the relationship between income and tax revenue.
B. the maximum and minimum wage gaps.
C. the relationship between income and earnings potential.
D. the share of income received by age group.
E. the cumulative share of income earned by quintiles of households.
Answer: E
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Suppose a monopolist faces the following demand curve.
If you were to draw the monopolist's marginal revenue curve, it would:
A. lie on top of the demand curve. B. have a slope equal to the reciprocal of the slope of the demand curve. C. intersect the vertical axis at $35. D. intersect the horizontal axis at 35.
Stock prices in Richland declined suddenly after one of the largest banks in Richland faced bankruptcy. If animal spirits play an important role in shaping Richland's economy, which of the following is likely to happen assuming all else equal?
A) Equilibrium unemployment in Richland will fall. B) Equilibrium wage levels in Richland will fall. C) Investment by firms in Richland will increase. D) Richland's consumption expenditure will increase.
Refer to the scenario above. What is the net present value of his friend's project?
A) -$459.32 B) -$666.21 C) $534.66 D) $616.21
Presumably, since the United States is a large country in many of its international markets, a positive optimum tariff exists for this country
It follows therefore that when any legislator or government official who promotes zero-tariff free trade policies, is by definition not acting in the public's best interest. Discuss.