A Lorenz curve that represents an unequal income distribution is
A) a straight line starting at the origin.
B) a straight line starting at 100%
C) a bowed curved.
D) a line that has a kink in the middle of it.
C
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Car A gets 20 miles per gallon, and sells for $17,000. Car B gets 40 miles per gallon, and sells for $34,000. In the economic way of thinking, which car is more efficient?
A) Car A B) Car B C) Both are equally efficient. D) It depends on the car buyer's estimate of cost and benefit. E) It depends on a number of statistical tests done by economists, the results of which are not stated in the question.
Explain whether a monopoly that maximizes profit will also be maximizing revenue and production
What will be an ideal response?
If demand is inelastic, then price and total revenue are directly related.
Answer the following statement true (T) or false (F)
Refer to the diagram, where S d and D d are the domestic supply and demand for a product and P c is the world price of that product. S d + Q is the product supply curve after an import quota is imposed. A tariff of P c P t will:
A. lower domestic price and increase domestic consumption.
B. increase the revenues of domestic producers by areas E + F + K.
C. increase the revenues of domestic producers by areas G + H.
D. increase the revenues of domestic producers by areas E + F + G + H + J.