Lorenz curves supposedly reflect the disparities of standards of living among people living in a society but they cannot take into account factors that can greatly affect the disparities. Among them are all the following except
a. the size of population
b. the availability of public housing and housing subsidies
c. national health care systems
d. national education systems
e. social security programs
A
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The information in the table above gives the 2012 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2013 prices. What is the value of the CPI for 2013?
A) 140 B) 133 C) 100 D) 75
Suppose the marginal product is maximized when the 10th worker is hired. Then the marginal cost value is minimized when
A. 10 workers are hired. B. more than 10 workers are hired. C. fewer than 10 workers are hired. D. an unknown number of workers are hired. Marginal cost is independent of marginal product.
If price is less than average cost in a monopolistically competitive market:
A. there is an incentive for firms to exit the market. B. there is profit incentive for firms to enter the market. C. the market must be in long-run equilibrium. D. there is no incentive for the number of firms in the market to change.
Which of the following statements about the budget deficit is true?
A) From 2007-2009, the federal budget was balanced. B) In 2009, the budget deficit was a record $1.4 trillion. C) In 2016, the federal budget was in surplus. D) In 2017, the federal budget was balanced.