On its horizontal axis, a Lorenz curve measures:
A. cumulative percentage of family income.
B. amount of family income.
C. demand of families.
D. cumulative percentage of families.
Answer: D
You might also like to view...
A physician's office expenses increase 10 percent, so she decides to raise the price of office visits. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice revenues?
a. Office visits and total revenue stay the same if demand is elastic. b. Office visits and total revenue rise if demand is inelastic. c. Office visits and total revenue fall if demand is inelastic. d. Office visits will fall and total revenue will rise if demand is inelastic. e. Office visits will rise and total revenue will fall if demand is elastic.
Which of the following concepts cannot be illustrated by the production possibilities frontier?
a. efficiency b. opportunity cost c. equality d. trade-offs
If firms in a perfectly competitive industry are earning an economic profit, then in the ________, firms will ________ the industry
A) short run; enter B) long run; enter C) short run; exit D) long run; exit E) More information about the firms' costs and the price of the product is needed to determine if firms enter or exit the industry.
Explain why exchange rate model based on PPP is a long run theory
What will be an ideal response?