Which of the following is NOT a correct criticism of the Lorenz curve?
A. It refers to money income after taxes.
B. It does not include payments in kind.
C. It ignores the impact of age distribution on income distribution.
D. It does not deal with differences in family size.
Answer: A
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The pursuit of "comparative advantage"
What will be an ideal response?
An oligopoly is an industry with just one firm.
Answer the following statement true (T) or false (F)
CARFAX is a company that compiles and sells histories of used cars. CARFAX reduces the:
A. number of cars exchanged in the used car market. B. information asymmetry in the used car market. C. number of used cars offered for sale in the market. D. cost of used cars in the market.
The slope of an isoquant tells us
A) how much output increases when both inputs are increased. B) the increase in MPL when capital increases. C) the decrease in capital necessary to keep output constant when labor increases by one unit. D) the decrease in capital necessary to keep MPL constant when labor increases by one unit.