The Lorenz curve shows the distribution of
A. wealth.
B. income.
C. poverty.
D. jobs.
B. income.
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If the wealth effect of an increase in the real wage was greater than the substitution effect of an increase in the real wage
a. the labor supply curve would slope upward. b. the labor supply curve would slope downward. c. the labor supply curve would be vertical. d. the labor demand curve would solely determine the real wage.
Investment diversion is considered an obstacle to economic growth because:
a. it would be better to increase the mortality rate of the country, and thus have a higher per capita real GDP. b. investment in health care is highly appreciated by the international community. c. capital infrastructure automatically eliminates population problems. d. the investments in health care affect only the poorest, the least productive inhabitants of a country. e. there is no way for a country to build its industries without an increase in investment on infrastructure.
The idea that all potentially available alternatives can be ordered according to a consumer's preferences is called:
A. the consumption principle. B. the ranking principle. C. the choice principle. D. the more-is-better principle.
If a firm's sales are $50 million; its fixed costs are $10 million, and its variable costs are $52 million, what does it do in the (a) short run and (b) long run?
What will be an ideal response?