If we were on Lorenz curve M, the top income quintile receives about _____% of income.
A. 24
B. 40
C. 58
D. 80
C. 58
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Harold was laid off from his job as a circus clown because an economic recession caused demand for tickets to the circus to dramatically decline. Harold would best be described as ________ unemployed
A) frictionally B) structurally C) cyclically D) naturally
The above figure shows the U.S. market for 1 carat diamonds. The free trade, the price in the United States for diamonds is equal to ________ and with the quota illustrated in the figure, the price in the United States is equal to ________
A) $2,000; $4,000 B) $2,000; $3,000 C) $4,000; $3,000 D) $4,000; $2,000 E) $2,000; $2,000
Land suitable for growing corn is usually suitable for growing soybeans. From the farmer's perspective, an increase in the price of corn will therefore tend to
A) decrease the demand for soybeans. B) increase the demand for soybeans. C) increase the supply (curve) of corn. D) raise the cost of growing soybeans. E) reduce the cost of growing soybeans.