Which curve summarizes inequality visually?
A. Laffer curve
B. Income Inequality curve
C. Gini curve
D. Lorenz curve
D. Lorenz curve
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Which of the following theories predicts that current consumption increases when a person expects an increase in future income?
A) the life-cycle theory of consumption B) the Keynesian theory of consumption C) the permanent income hypothesis D) all of the above
Goods produced in the United States and sold in other countries are called
A) imports. B) foreign goods. C) capital goods. D) exports. E) capital account goods.
Professor Daniel Trefler at the University of Toronto concluded that Canada ________ from free trade with the United States because _______________.
a. gained; trade creation exceeded trade diversion with the United States b. lost; trade diversion exceeded trade creation with the United States c. first gained, then lost; trade diversion exceeded trade creation after NAFTA was fully implemented d. neither gained nor lost; trade creation equaled its trade diversion with the United States
At the economy's natural rate of unemployment:
A. the economy achieves its potential output. B. there is only a relatively small amount of cyclical unemployment. C. only frictional unemployment exists. D. only structural unemployment exists.