In a Lorenz curve diagram, the 45° line represents:
a. perfect income equality.
b. zero inflation.
c. a negative income tax.
d. an extremely unequal distribution of income.
a
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Which of the following is an example of capital income?
A) Wage paid to a worker B) Free lunch at work C) Interest earned on money lent out D) Free parking space in a mall
Industry concentration measures the extent to which
A) products are differentiated by the firms in the industry. B) the market is dominated by a small number of firms. C) the industry executives concentrate on their product. D) consumers are geographically concentrated.
Refer to Figure 8.1. The profit-maximizing output is
A) 30. B) 54. C) 60. D) 67. E) 79.
The formula for finding a price index for a fixed basket of goods in the current year is
a. price of basket in current year ? price of basket in base year. b. price of basket in current year/price of basket in base year. c. price of basket in base year/price of basket in current year. d. price of basket in current year – price of basket in base year.