Refer to the graph shown.
The Lorenz curve showing the most income equality is:
A. A.
B. B.
C. C.
D. D.
Answer: B
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If a country sets a pegged exchange rate that is above the equilibrium exchange rate, how can the country maintain the peg?
A) by purchasing surplus domestic currency at the pegged rate B) by purchasing surplus domestic currency at the equilibrium exchange rate C) by selling surplus domestic currency at the pegged rate D) by increasing the pegged exchange rate
Typically, the greater the specialization of resources
A) the less production that takes place. B) the greater the bow of the production possibilities curve. C) the poorer the country becomes. D) the greater the unemployment in the country.
A government-sponsored good is often
A) produced by the government. B) subsidized. C) taxed. D) advertised.
Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks." b. "There is no such thing as a free lunch." c. "I have a baker's dozen." d. "There's no business like show business."