Changes in the Lorenz curve since 1929 in the United States indicate that
A) the distribution of income today is identical to what it was in 1929.
B) the distribution of income is slightly less equal today than in 1929.
C) the distribution of income is slightly more equal today than in 1929.
D) the distribution of income is much more equal today than it was in 1929.
C
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Use the following diagram to answer the next question.
Which of the following statements about this market is correct?
A. Employers would benefit from a higher wage since they could profitably attract more workers. B. At a wage rate less than $5, more than 500 workers would be employed. C. At a wage rate of $5, the number of workers employed is maximized. D. At a wage rate greater than $5, more than 500 workers would be employed.
In the specific factors model, the effects of trade on welfare overall are ________ and for fixed factors used to produce the imported good they are ________
A) positive; negative B) positive; positive C) negative; positive D) ambiguous; positive E) positive; ambiguous
The free-rider problem occurs because
A) people who pay for information use it freely. B) people who do not pay for information use it. C) information can never be sold at any price. D) it is never profitable to produce information.
One impact of a rise in the dollar's value is that
A) imports become cheaper for the U.S. consumer. B) exports will increase sharply. C) U.S. goods will become cheaper overseas. D) U.S. goods are cheaper domestically.