A Lorenz curve measures the ________ on the vertical axis
A) cumulative percentage of money income
B) cumulative percentage of family wealth
C) cumulative percentage of families
D) demand of families on welfare
Answer: A
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Which of the following is NOT part of solving a game?
A) Write down all possible combinations of strategies. B) Write down all possible payoffs and eliminate dominated strategies. C) Solve for any Nash Equilibrium. D) None of the above.
Supporters of globalization argue that multinational firms pay higher wages than local firms, and provide greater benefits for workers than existed in the country prior to globalization
a. True b. False Indicate whether the statement is true or false
Which industry has the most problems with moral hazard and its adverse effects on other unknowing people in this industry?
a. retail b. insurance c. office supplies d. education
The price elasticity of supply at a point is:
A. the percentage change in price divided by the percentage change in quantity supplied. B. the change in price divided by the change in quantity supplied. C. the change in quantity supplied divided by the change in price. D. the percentage change in quantity supplied divided by the percentage change in price.