The above figure shows the Lorenz curve for wealth for the nation of Rusha
If the government were to confiscate all of the wealth from the poorest twenty percent of the population and give it to the wealthiest twenty percent, the Lorenz curve would A) not change.
B) shift farther away from the line of equality.
C) shift closer to the line of equality.
D) flip above the line of equality.
B
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An allocation satisfies the output efficiency condition if:
A. for every pair of goods, every input's marginal product equals the marginal rate of transformation. B. for every pair of goods, every consumer's marginal rate of substitution equals the marginal rate of transformation. C. only applies for firms that produce the same product. D. only applies for consumers that consume the same goods.
The fish in the ocean would be considered a
A. sustainable natural resource. B. renewable natural resource. C. limited natural resource. D. sequestered natural resource.
An increase in the dollar price of foreign currency constitutes an appreciation of the U.S. currency
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a third variable causing two other variables?
a. During a theatrical performance, the wind and flying kites both increased. b. During a thunderstorm, felled trees and the sale of oranges both increased. c. During a harsh winter, car accidents and heating bills both increased. d. During an exciting Super Bowl game, heart attacks and snowfall both increased.