Economists look at which of the following to get a quick visual expression of income distribution?
a. Gini coefficient.
b. IRS records of how much income each household earned.
c. supply and demand curves for resources.
d. Lorenz curve.
e. surveys of business estimates for MRPs.
d
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Which of the following groups would NOT be considered as part of the civilian labor force?
A) full-time students who are not working or looking for work B) those already employed C) those who are unemployed D) all individuals only working part-time
Emma uses a linear model to forecast quarterly same-store sales at the local Garden Center. The results of her multiple regression is: Sales = 2,800 + 200•T - 350•D where T goes from 1 to 16 for each quarter of the year from the first quarter of 2006 (‘06I) through the fourth quarter of 2009 (‘09 IV). D is a dummy variable which is 1 if sales are in the cold and dreary first quarter, and
zero otherwise, because the months of January, February, and March generate few sales at the Garden Center. Use this model to estimate sales in a store for the first quarter of 2010 in the 17th month; that is: {2010 I}. Emma's forecast should be: a. 5,950 b. 6,200 c. 6,350 d. 6,000 e. 5,850
If you discover that the opportunity cost of raising your economics grade is zero, you
a. are studying too hard and receiving a higher grade than is optimal for you. b. must be on the production possibilities frontier that describes your trade-offs between producing high grades and producing other goods. c. must be inside the production possibilities frontier that describes your trade-offs between producing high grades and producing other goods. d. must be producing more of other goods than is optimal for you.
When nations specialize according to their comparative advantage
A) Total production and consumption in the world increase. B) Consumption rises in one country but must fall in all others. C) Total world production rises but total consumption in the world declines. D) none of the above