Suppose 10 percent of the families receive 10 percent of the income, 20 percent of the families receive 20 percent of the income, and so forth. The Lorenz curve would be
A) a straight line at a 45-degree angle from the origin.
B) a straight line at a 30-degree angle from the origin.
C) the most bowed curve possible.
D) the horizontal axis.
A
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The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If imported rice is banned, the loss in social welfare is
A) a + b + c + d + i + j. B) a. C) c + e. D) a + b + c + d.
The supply of real GDP is a function of...
What will be an ideal response?
The following list contains items that are related to aggregate demand and/or aggregate supply.1)Government Spending 2)Consumer Expectations 3)Degree of Excess capacity 4)Personal Income Tax Rates 5)Productivity 6)National Income Abroad 7)Business Taxes 8)Domestic Resource Availability 9)Price of Imported Products 10)Profit Expectations on Investments Refer to the above list. Changes in which of the above two factors would most likely cause a change in aggregate supply?
A. 1 and 5 B. 8 and 9 C. 5 and 7 D. 3 and 10
The Clayton Act is an antitrust law that was passed to
A) outlaw monopolization. B) address loopholes in the Sherman Act. C) prohibit charging buyers different prices if the result would reduce competition. D) toughen restrictions on mergers by prohibiting mergers that reduce competition.