Based on the graphic showing the Lorenz Curve, at point d’, what percentage of total income did the highest 20 percent of earners receive in 2017?
a. 13.0
b. 28.1
c. 48.9
d. 51.2
c. 48.9
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As an economy moves down along a straight line production possibilities frontier, what happens to the opportunity cost of producing the good on the horizontal axis?
A) It remains constant. B) It decreases. C) It increases. D) Above the midpoint it decreases until it equals 1 at the midpoint and then it increases. E) None of these depicts what happens to opportunity cost.
A demand for a product is more inelastic
a. When it has many close substitutes b. In the long-run c. When it has many complements d. None of the above
A newly acquired microwave oven and a food processor will increase Chuck's productivity in the kitchen. Accordingly, he will
a. cook more and eat out less b. cook less and eat out more c. buy more ready-to-eat foods d. be more likely to hire a cook e. increase the quality of what he cooks but may or may not cook more
If the firms in an industry represented 35%, 25%, 20%, 15%, and 5% of the market's total revenues, respectively, what would be the measure of the Herfindahl-Hirschman Index for this industry?
a. 2,500 b. 3,525 c. 7,725 d. 10,000