One reason some economists are critical of the Lorenz curve is because
A) it reflects income before taxes.
B) it reflects income after taxes.
C) it reflects only the top bracket of taxpayers.
D) it reflects only the poor in the country.
Answer: A
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Describe the differences between the growth rates of real personal consumption and real gross private investment in the United States
What will be an ideal response?
Supply is very inelastic when
A. The quantity supplied changes only when demand changes. B. The quantity supplied changes little when the price increases. C. The quantity supplied does not change at all when price increases. D. The quantity supplied changes a lot when price increases.
The short-run aggregate supply curve would shift and the long-run aggregate supply curve would remain fixed if
A. bad weather that affects transportation for two days. B. tough new environmental laws were passed. C. there was an increase in immigration. D. the retirement age increased by two years.
Excludability means that when someone is consuming a good, then others are excluded from using the good anymore.
a. true b. false