Relating to the Economics in Practice on page 360: Which of the following is an example of an advertisement in which the fact that something is not mentioned indicates that the product is unlikely to be desirable?
A. an advertisement for ice cream that describes the variety of flavors available and the way it tastes but makes no mention of the ice cream's nutritional content
B. an advertisement for a 30-year old lawn tractor that mentions the color of its paint and the number of cup holders it has but makes no mention of the condition of its engine
C. an advertisement for hot dogs that mentions that it meets certain religious dietary requirements but fails to explain those requirements in a way that would be understood by most people
D. an advertisement for a sneaker that mentions the endorsement of one sports star but fails to mention the sports stars that have endorsed competing products
Answer: B
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The Lorenz curve in the above figure implies that
A) income is equally distributed. B) the lowest fifth of households account for less than 20 percent of income. C) the highest fifth of households account for less than 20 percent of income. D) the lowest fifth of households account for more than 20 percent of income.
If the Y-intercept of a linear function increases while the slope remains unchanged
a. the graph must shift down in a parallel way. b. the graph must rotate to the left about the X intercept. c. the graph must shift up in a parallel. d. the graph remains unchanged.
The recession of the early 1990s was triggered by a decrease in aggregate supply
Indicate whether the statement is true or false
For which of the following purchases would the absolute price elasticity of demand be greatest?
A) a luxury sedan B) utilities C) chewing gum D) a smartphone