If a Lorenz curve moves leftward and becomes closer to the line of equality over time, then
A) the population is growing.
B) income is growing.
C) income is being more equally distributed.
D) income is being more unequally distributed.
C
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The intertemporal substitution effect refers to substitution of
A) goods for services. B) goods and services for less expensive goods and services. C) goods and services today for goods and services in the future. D) goods and services produced domestically for goods and services produced in another country.
If a good is inferior and income decreases, then
A. the supply curve will shift to the left. B. the supply curve will shift to the right. C. the demand curve will shift to the left. D. the demand curve will shift to the right.
Which is not a function of the Fed?
A. Serving as a lender of last resort B. Providing financial services such as check clearing to commercial banks C. Conducting monetary policy D. Directly financing U.S. budget deficits
The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. The opportunity cost of producing an umbrella in the United Kingdom is ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. 1/3 of a bushel of corn. B. three bushels of corn. C. 3/2 bushels of corn. D. two bushels of corn.