In the United States, the Lorenz curve for wealth is ________ from the 45-degree line than is the Lorenz curve for income, which means that the distribution of wealth is more ________ than the distribution of income
A) farther away from; unequal
B) farther away from; equal
C) closer to; unequal
D) closer to; equal
A
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A permanent negative supply shock leads to ________ inflation ________
A) higher; in both the short and long runs B) higher; in the short run but not in the long run C) lower; in both the short and long runs D) lower; in the short run but not in the long run
The United States gained significant strength globally in manufacturing production during the Civil War (1861–1865)
Indicate whether the statement is true or false
Define a price floor
The concept of marginality is important in economics because
A. marginal decisions indicate a lack of importance. B. individuals make decisions at the margin. C. large expenditures are the only factor influencing consumption. D. individuals make decisions based on tastes only.