The greater the degree of inequality in the distribution of income, the more bowed will be the Lorenz curve toward the:
A. Upper left-hand corner
B. Upper right-hand corner
C. Lower right-hand corner
D. Lower left-hand corner
C. Lower right-hand corner
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The ground rules, customs, and conventions that govern the behavior of market participants are often referred to as institutions
Indicate whether the statement is true or false
Raul Prebisch's objection to having developing countries treat trade as the "engine of growth" was that
a. agricultural goods were becoming cheaper while industrial products were becoming more expensive b. industrial products were being substituted for primary products c. workers in poor countries had little bargaining power, while unions in rich countries pushed wages up d. agricultural products were becoming a smaller portion of peoples' budgets as income rose e. all of the above
If average product is decreasing, then marginal product
a. Must be increasing b. Must be greater than average product c. Must be less than average product d. None of the above
When the Fed sells Treasury Bonds on the open market, it will tend to
a. decrease the money supply and raise interest rates. b. decrease the money supply and lower interest rates. c. increase the money supply and raise interest rates. d. increase the money supply and lower interest rates.