Income inequality is indicated by a Lorenz curve that:
a. bows up, away from the line of income equality.
b. bows down, away from the line of income equality.
c. lies parallel to the line of income equality.
d. coincides with the line of income equality.
e. approaches the vertical axis.
b
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According to Simon Kuznets, _____
a. the main force behind economic growth is increases in the quantity of labor b. the main force behind economic growth is increases in the quantity of capital c. the main force behind economic growth is increases in the quality of inputs d. government regulations increase labor productivity e. government regulations decrease labor productivity
The basic ingredients in any economic decision are
a. scarcity and choice. b. surpluses and shortages. c. market prices and the use of efficient production methods. d. needs and wants.
What was the approximate value of U.S. GDP in 2015?
A. $12.3 billion B. $12.3 trillion C. $17.9 trillion D. $17.9 billion
Refer to the graph above and assume that the areas of the boxes are the same. Consider a situation where price increases from P3 to P4. In this price range, demand is relatively:
A. inelastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A). B. elastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F + G). C. elastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A). D. inelastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F + G).