The Lorenz curve represents the distribution of non-cash benefits
a. True
b. False
Indicate whether the statement is true or false
False
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If the manager of a nonprofit enterprise sets prices below market clearing levels, she
A) increases the net revenue of the enterprise. B) provides herself with control over a valuable good. C) reduces her personal popularity. D) produces all of the above consequences.
If the exchange rate has been $1.50 per British pound but now falls to $1.25 per British pound, there will be
a. more U.S. imports from Great Britain because the price of pounds has fallen b. more exports to Great Britain because the price of pounds has risen c. fewer exports to Great Britain because the price of the pound has risen d. more U.S. exports to Great Britain since the price of the dollar has fallen e. no change in either exports or imports
Suppose your accountant told you that the economic profit you made last year was $50,000 . You would be pleased because the $50,000 represents your total revenue minus
a. implicit costs b. monetary costs c. explicit costs d. both implicit costs and explicit costs e. the difference between explicit and implicit costs
According to the textbook, income inequality statistics can be misleading because
A) they are collected by the Census Bureau, whose objectivity cannot be trusted.
B) they ignore the income mobility of individual families and households through time.
C) they do not take into account inflation.
D) they fail to be of use in policy proposals and debates.