If a Lorenz curve for a country's income bows more rightward over time, then the country's
A) income is increasing.
B) income is decreasing.
C) income is becoming more unequally distributed.
D) income is becoming more equally distributed.
C
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The fact that the Social Security tax is shared evenly between employers and employees _____
a. has nothing to do with who bears the actual burden of the tax b. has everything to do with who bears the actual burden of the tax c. is important to who bears the actual burden of the tax if the supply curve is perfectly inelastic d. is important to who bears the actual burden of the tax if the demand curve is perfectly inelastic
Most of the world's water is used for
a. Agricultural purposes b. Manufacturing c. Cooling power plants d. Municipal supplies e. Factories
What is a major characteristic of a natural monopoly?
A. The firm is a single seller of a resource B. Its sets price equal to marginal revenue C. There is extensive product advertising D. There is a large range for economies of scale
A temporary embargo on oil from the Middle East going in to the United States would
A) shift both the short-run and long-run aggregate supply curves to the left. B) shift only the short-run aggregate supply curve to the left. C) shift the long-run aggregate supply curve to the right. D) shift only the long-run aggregate supply curve to the left.