The above figure shows the Lorenz curves for four different countries. In which country is income most equally distributed?
A) country A
B) country B
C) country C
D) country D
A
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The total amount the federal government has borrowed to make expenditures that exceed tax revenue is called
A) personal income taxes. B) federal expenditures. C) total government spending. D) the net government revenue. E) the national debt.
A 1990 study of the market for collectable baseball cards suggested
a. there was no evidence of price discrimination on the basis of player position (hitter versus pitcher). b. markets in which the product price is low are not typically characterized by consumer-driven race discrimination. c. cards for white players (both hitters and pitchers) were 10 to 13 percent higher than those for comparable black players. d. cards for black players (both hitters and pitchers) were 10 to 13 percent higher than those for comparable white players.
A purchase of U.S. government securities by the Fed causes
A. a multiple contraction of the money supply because deposits fall by more than the amount of the securities purchased. B. a multiple expansion of the money supply because the reserve ratio is less than one. C. a contraction of the money supply equal to the amount of the securities because all other transactions occur within the banking system. D. an expansion of the money supply equal to the amount of the securities because all other transactions occur within the banking system.
The case for product differentiation includes the assertion that
A. it wastes society's scarce resources. B. even products that do not satisfy a real demand survive. C. standards of living rarely improve with product innovation. D. new products satisfy people with different preferences.