In a Lorenz curve, perfect income equality is represented by
A) a vertical line.
B) a horizontal line.
C) a rectangular hyperbola.
D) a 45-degree line originating from the origin.
Answer: D
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Critics of flexible exchange rates argue that flexible rates: a. reduce uncertainty in international trade
b. automatically create an equilibrium price for each currency in the foreign exchange market. c. make nations more constrained in carrying out internal macroeconomic policies. d. increase uncertainty in international trade.
If a nation experiences a significant improvement in technology that affects only Aggregate Supply, then its:
a. Average price level and real GDP should remain constant until there is a change in Aggregate Demand. b. Average price level and real GDP should fall. c. Average price level and real GDP should rise. d. Average price level should fall, and real GDP should rise. e. Average price level should rise, and real GDP should fall.
The 19th Amendment:
A. establishes the right to bear arms. B. guaranteed women the right to vote. C. outlawed slavery. D. made sales of alcohol illegal.
What is the difference in the price elasticity of demand for alcohol in the short run and in the long run?
a. 1.6
b. 2.7
c. 3.6
d. 4.7