The less bowed the Lorenz Curve, the
A. less equal the income distribution.
B. more equal the income distribution.
C. greater the number of high-income people.
D. greater the number of low-income people.
Answer: B
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If a good has a tax levied on it, sellers respond to the price that excludes the tax and not the price with the tax because
A) the tax is handed over to the state directly by buyers. B) sellers do not get to keep the tax revenue. C) the demand for the good has decreased. D) the quantity supplied of the good increases. E) demanders pay none of the tax.
If we consider the savings, investment, and net exports in the United States in recent years, the gap between savings and investment is almost exactly:
A. the government deficit. B. the balance of payments. C. direct foreign investment. D. the trade balance.
An inferior good is one that
a. people consume if their income falls b. people consume more of if their income falls c. people never consume d. people consume if their income rises e. people consume more of if their income rises
Airlines generally charge travelers willing to stay over Saturday night lower fares because
a. these travelers have lower incomes, and therefore, the airlines would like to help them. b. it cost less to transport travelers willing to stay over a Saturday night. c. the demand of these travelers is elastic, and therefore, the lower fares generate more revenue. d. the demand of these travelers is inelastic, and therefore, the lower fares generate more revenue for the airlines.