The Lorenz curve shows
A) how poverty rates change over time.
B) the percentage of population below the poverty line.
C) the degree of inequality in the income distribution.
D) the ratio of cash income to payments-in-kind.
C
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The nature preservation services supplied by The Nature Conservancy which buys up ecologically important but endangered lands, is
a. nonrivalrous and nonexcludable. b. nonrivalrous and excludable. c. rival and nonexcludable. d. a private service.
In an industry with free entry and exit, positive economic profit:
A. indicates a market failure. B. can be sustained indefinitely. C. cannot be sustained indefinitely. D. can never occur.
In an oligopoly with a collusive agreement, the total industry profits will be smallest when
A) all firms comply with the agreement. B) one firm cheats on the agreement and the other firms do not cheat. C) all firms cheat on the agreement. D) the firms act as a monopoly.
When the supply of a product increases but the demand for the product remains unchanged, the equilibrium price of the product will
a. fall, and equilibrium quantity will decrease. b. be unaffected. c. first rise and then return to the original price level. d. fall, and equilibrium quantity will increase.