On the Lorenz curve, the vertical axis measures ______, and the horizontal axis measures ______.
a. cumulative percentage of income; cumulative percentage of households
b. cumulative percentage of households; cumulative percentage of income
c. cumulative national income; cumulative national debt
d. cumulative national debt; cumulative national income
a. cumulative percentage of income; cumulative percentage of households
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Exports of U.S. goods create a ________ U.S. dollars and create a ________ foreign currencies
A) demand for; demand for. B) supply of; supply of C) demand for; supply of D) supply of; demand for
Which of the following is closest to the future value of a $100 deposit earning 5 percent interest annually after 5 years?
A. $1,268 B. $128 C. $105 D. $125
Joe's demand for spring water can be represented as p = 10 - Q (where p is measured in $/gallon and Q is measured in gallons). He recently discovered a spring where water can be obtained free of charge. His consumer surplus from this water is
A) $0. B) $50. C) $100. D) unknown based upon the information provided.
The price of a given basket of goods in Year 1 was $1,300. The price of the same basket of goods in Year 2 was $1,560. The CPI for Year 2 taking Year 1 as the base year is ________.
A) 101 B) 120 C) 156 D) 100