The more bowed out the Lorenz curve, the
A) less equal the income distribution.
B) more equal the income distribution.
C) greater the overall wealth in the economy.
D) less the overall wealth in the economy.
Answer: A
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Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. As a result of the increase in the price of corn, farmers who were already growing corn will earn an:
A. economic loss in the short run. B. economic profit in the long run. C. economic loss in the long run. D. economic profit in the short run.
Patents
A) are a legal barrier to entry. B) remove legal barriers to entry. C) create economies of scale. D) decrease the incentive to innovate. E) are prohibited in the United States.
During the Great Depression in the 1930s unemployment was so bad that nearly _____ of the labor force was unemployed.
A. 1/2 B. 1/5 C. 1/4 D. 1/3
The MU/P of a good will decrease when there is a(n)
a. fall in the price of the good b. increase in its marginal utility c. increase in the price of a good d. increase in consumer surplus e. decrease in income