The closer an income Lorenz curve is to the line of equality, the
A) slower income is growing.
B) more equally income is distributed.
C) less equally income is distributed.
D) faster income is growing.
B
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Convergence refers to the idea that cross-country
a. growth rates will become more similar over time. b. unemployment rates will become more similar over time. c. per-capita income levels will become more similar over time. d. total income levels will become more similar over time. e. none of the above.
In the very short run:
a. new firms may enter an industry. b. existing firms may change the quantity they are supplying. c. price and quantity supplied are absolutely fixed. d. quantity supplied is absolutely fixed.
People cope with uncertainty about the future:
A. exactly the same way, regardless of the situation. B. in very similar ways, regardless of the situation. C. in many ways, such as buying insurance. D. by always avoiding it.
Centralized planning agencies are a key feature of command economies
a. True b. False Indicate whether the statement is true or false