A Lorenz curve based on the percentage of wealth held by different quintiles of the population, when compared to one based on income shares, shows a
a. lower degree of inequality
b. higher degree of inequality
c. similar degree of inequality
d. higher absolute level of poverty
e. lower absolute level of poverty
B
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When a market consists of a few large firms and barriers to entry exist, it:
A. must be perfectly competitive. B. is likely an oligopoly. C. must be monopolistically competitive. D. is likely a monopoly.
Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, then they are classified as:
a. seasonally unemployed. b. cyclically unemployed. c. frictionally unemployed. d. structurally unemployed.
If there are many employers in a market and each has limited market power, the demand for labor is likely to be characterized as
A. Monopsonistic. B. Oligopolistic. C. Monopolistic. D. Competitive.
The shape of the demand curve for labor shows how responsive firms are to changes in wages.
Answer the following statement true (T) or false (F)