According to the text, today's Lorenz curve is
A. a vertical line.
B. less bowed than in 1929.
C. a straight line.
D. more bowed than in 1929.
Answer: B
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If the price level increases, the AE curve shifts
A) upward and the AD curve shifts leftward. B) upward and there is a movement along the AD curve. C) upward and the AD curve shifts rightward. D) downward and there is a movement along the AD curve. E) downward and the AD curve shifts rightward.
Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?
A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports
Assume that as the price of wheat falls from $10 to $8, the quantity demanded of wheat increases from 100 bushels to 150 bushels. This implies the price elasticity of demand for wheat is 0.5
a. True b. False Indicate whether the statement is true or false
A firm experiencing economic losses will still continue to produce output in the short run as long as
A. Price is above average variable cost. B. Revenues are greater than total fixed cost. C. Price is above average fixed cost. D. MR = MC.