A Lorenz curve showing perfect equality in the distribution of income:
A. Coincides with the horizontal axis
B. Coincides with the vertical axis
C. Is a straight line with a 45-degree angle
D. Is a curve bowed to the southwest
C. Is a straight line with a 45-degree angle
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If consumption is greater than income, saving must be negative
a. True b. False Indicate whether the statement is true or false
The petition of the candlemakers to the sun was written by _________________.
Fill in the blank(s) with the appropriate word(s).
The definition of economic profit is
A. total revenues less fixed costs. B. the difference between receipts from sales and cost of materials. C. what is left over after all opportunity costs have been met including interest forgone. D. gross profit less selling and operating expenses.
A tariff is
A. a voluntary agreement to restrict exports. B. a tax on imported goods. C. a subsidy on domestically produced goods. D. a government-imposed restriction on the quantity of a specific good that can be imported into the country.