The ________ the Lorenz curve is from/to the line of perfect equality, the ________ is the Gini coefficient, and the ________ income equality exists.
A. closer; higher; less
B. farther; higher; more
C. farther; higher; less
D. closer; lower; less
Answer: C
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Suppose Brandon's indifference curves are defined as U = (3/4)?FS + (1/4)?FH, where FS is consumption during sunny weather and FH is consumption during a hurricane. Further suppose Brandon receives 64 units of food when it is sunny and 16 units when there is a hurricane. What is the certainty equivalent of the expected food consumption bundle if the probability of sunshine is ? = 0.75?
A. 49 units of food B. 52 units of food C. 7 units of food D. 25 units of food
A monopolist faces a demand curve that is equal to:
a. the demand curve faced by perfectly competitive producers. b. the market demand curve. c. the monopolist's own marginal cost curve. d. the monopolist's own marginal revenue.
Which of the following is assumed when constructing a production possibilities curve?
A) a fixed amount of resources B) the efficient use of resources C) resources of a given quality D) All of the above are correct.
Which of the following is NOT an important source of revenue for the federal government?
A) individual income taxes B) property taxes C) social insurance taxes and contributions D) corporate income taxes