The above figure shows the Lorenz curve for wealth for the nation of Rusha. What percent of wealth is owned by the poorest quintile?
A) 0 percent
B) 5 percent
C) 20 percent
D) 35 percent
B
You might also like to view...
Refer to Figure 2-13. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of both pineapples and coconuts?
A) neither country B) Costa Rica C) Guatemala D) cannot be determined
Barter is the:
A. direct exchange of goods and services. B. exchange of goods, but not services. C. system that does not depend on a coincidence of wants. D. system used in advanced economies.
When considering marginal revenue for the monopolist, which of the following is FALSE?
A. An essential point for the monopolist, marginal revenue is always less than price. B. The more the monopolist wants to sell, the higher the price it has to charge in order to make more profits. C. Marginal revenue is always less than price because price must be reduced on all units to sell more. D. To sell more of a particular product, given the industry demand curve, the monopoly firm must lower the price.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.