Which of the following is NOT a true statement about the Lorenz curve?
A) The Lorenz curve includes both money income and income in kind.
B) The Lorenz curve does not include unreported income obtained from the underground economy.
C) The Lorenz curve does not consider different sizes of households.
D) The Lorenz curve does not consider age differences among wage earners.
Answer: A
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Compare the growth rates in Hong Kong, Korea, Singapore, Taiwan, China, and the United States. In terms of real GDP per person, how far is China behind these others?
What will be an ideal response?
The majority of the elderly can live comfortably on the assets they have accumulated
Indicate whether the statement is true or false
For the six years following the passage of the North American Free Trade Agreement (NAFTA),
a. the U.S. economy had some of the slowest job growth and highest unemployment in its history. b. the U.S. economy had some of the most rapid job growth and low unemployment in its history. c. the U.S. economy had some of the most rapid job growth and modest unemployment in its history. d. the U.S. economy had some of the slowest job growth and modest unemployment in its history.
Self correcting mechanism reveals that
a. real wages will increase if there is an increase in price. b. nominal wages will fall if there is inflationary gap. c. nominal wages will increase if there is recessionary gap. d. in the long run economy will be in equilibrium at potential GDP.