The Lorenz curve is a geometric representation of
A. the difference between pre-tax and post-tax income.
B. the profile of earnings for a "typical" family over time.
C. the distribution of income.
D. the standard of living experienced by the poor in a country.
Answer: C
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Economies of scale exist when
a. long-run average costs decline as output increases. b. long-run average costs are constant. c. long-run average costs increase as output increases. d. short-run average costs decline. e. short-run average costs increase.
Tina Makumbi imports sesame oil from Ethiopia and sells to a market that has a downward sloping demand curve.The demand curve indicates that some consumers are willing to pay $1.50 or more per pound for the first few pounds, but every consumer gets to buy at the market clearing price of $0.50 per pound. The difference between the most that consumers would pay and the actual amount they do pay is
called a. exporter surplus b. trade balance c. producer surplus d. consumer equilibrium e. consumer surplus
The federal funds market is the market in which
a. banks lend and borrow reserves from each other for short periods of time b. the Fed loans reserves to banks for short periods of time c. banks withdraw reserves from the Fed for short periods of time d. government borrows from the fed for short periods of time e. the Fed borrows from the government for short periods of time
If the price of an underlying asset has a standard deviation of zero:
A. options for this asset would likely not exist. B. options for this asset would have a time value of the option equal to the price of the asset. C. option for this asset would be highly valued. D. the intrinsic value of options for this asset would equal the asset's price.