Which of the following led to a "bank jog" in Greece?
A) high unemployment
B) high inflation
C) speculation that Greece would abandon the euro
D) the default of several Greek banks
C
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A supply curve that is vertical
A) is perfectly inelastic. B) is impossible. C) has an elasticity equal to 1. D) is perfectly elastic.
Which of the following statements regarding the Lorenz curve is FALSE?
A) A Lorenz curve is a geometric representation of the distribution of income. B) A Lorenz curve that is perfectly straight represents complete income equality. C) The less bowed is a Lorenz curve, the less equally income is distributed. D) The more bowed is a Lorenz curve, the more unequally income is distributed.
Moving along an elastic portion of a demand curve, a small percentage change in price leads to a larger percentage change in quantity demanded
a. True b. False Indicate whether the statement is true or false
If it is desirable to enhance the incomes of factors used intensively in the import-competing industry, then a tariff actually lowers national welfare.
Answer the following statement true (T) or false (F)