Exhibit 12-2 Lorenz curve
As shown in Exhibit 12-2, the distance between points B and D means that 60 percent of families earn ____ less of total income than required for perfect equality.
A. 30 percent
B. 50 percent
C. 60 percent
D. 90 percent
Answer: A
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In periods when GDP fails to grow at its normal rate, the actual unemployment rate will be ________ than the natural rate of unemployment
A) higher B) falling faster C) lower D) the same
An oligopoly between two firms is called
A) a duopoly. B) an oligopoly; there are no special terms used for oligopolies with different numbers of firms. C) a biopoly. D) a dual-firm oligopoly.
If the graph shown is displaying a competitive market and the market is currently offering a wage more than P*:
A. there would be a surplus of workers who want to work at that wage.
B. there would not be unemployment in the market.
C. firms would have a hard time finding workers.
D. equilibrium would be achieved.
The national debt as a percentage of GDP has remained roughly constant since the end of World War II
a. True b. False Indicate whether the statement is true or false