Which of the following is NOT a correct criticism of the Lorenz curve?
A) It does not include payments in kind.
B) It does not deal with differences in family size.
C) It ignores the impact of age distribution on income distribution.
D) It refers to money income after taxes.
Answer: D
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Corn flakes are
A) a rival good because many firms produce them. B) a rival good because if another person wants some corn flakes society has to use additional resources to produce corn flakes for that person. C) a non-rival good because there are only a few firms in the industry. D) a non-rival good because even if another person wants some corn flakes so many corn flakes are produced that no additional resources are used to satisfy this new customer's needs. E) a public good.
The first step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
A new idea was introduced in macroeconomic analysis during the early 1970s to describe the unusual combination of high inflation and high rates of unemployment. It was
a. stagflation b. the business cycle c. fine-tuning d. crowding out e. cost-push inflation
Refer to the above figure. Which of the following statements is TRUE?
A. Panel A shows a change in quantity demanded and Panel B shows a change in demand. B. Panel A shows a decrease in demand and Panel B shows an increase in demand. C. Both Panels A and B show an increase in demand. D. Panel A shows a change in demand and Panel B shows a change in quantity demanded.