An ________ distribution of income would yield a ________ curve that was a 45-degree line between 0 and 100%.
A. equal; Lorenz
B. equal; Gini
C. unequal; Gini
D. unequal; Lorenz
Answer: A
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Refer to Figure 2-14. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage. C) Iceland D) cannot be determined Table 2-20 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
Which of the following types of insurance do men pay lower premiums than do women?
A) life insurance B) health insurance C) auto insurance D) There are no legally allowed differences.
If the economy is in a recession, the Fed is likely to:
A. increase the reserve requirement. B. buy bonds through open market operations. C. print more currency. D. increase the discount rate.
One consequence of the asymmetric-information problem in the used car market, if left unresolved, is the higher probability of:
A. New cars being better than used-cars in quality B. A declining quality of used cars in the market C. A rising quality of used cars in the market D. Used-car buyers willing to pay higher prices