Refer to the above figure. For which Lorenz curve does the richest 25 percent make 50 percent of the nation's money income?
A. A
B. B
C. C
D. D
Answer: C
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Explain how the introduction of an additional competitive market can always solve the efficiency problem that emerges from a negative externality.
What will be an ideal response?
Suppose the price of butter falls because milk price supports are removed. Will people’s tastes shift away from margarine and toward butter?
What will be an ideal response?
A decrease in the interest rate will cause the intertemporal budget constraint to _______________ through the endowment point.
A. pivot clockwise B. pivot counter-clockwise C. shift clockwise D. shift counter-clockwise
A subsistence economy is
a. a very low income economy. b. an economy in which people make what they consume. c. an economy in which people receive food for pay. d. all of the above.