From left to right, the horizontal axis of the Lorenz curve ranks households from
A) smallest to largest.
B) largest to smallest.
C) poorest to richest.
D) richest to poorest.
C
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Keynesian economists think general equilibrium is not attained quickly because
A) the real interest rate adjusts slowly. B) the level of output adjusts slowly. C) the real wage rate adjusts slowly. D) the price level adjusts slowly.
It can be rational to play tit-for-tat in a repeated Prisoners' Dilemma game
A) only if the game is played an infinite number of times. B) if the game is played an infinite number of times, or if it is uncertain how many times it will be played. C) only if the game is played a finite number of times, and that number is known by all the players in advance. D) for n-1 of the n periods it will be played, if n is known in advance. E) at no time; tit-for-tat is an irrational strategy in this situation.
Under a gold standard, a balance of payments surplus automatically
a. raised interest rates. b. increased exports. c. increased domestic prices. d. decreased imports.
A government will create a surplus in a market when it sets a price
A. floor above the equilibrium price. B. ceiling above the equilibrium price. C. ceiling below the equilibrium price. D. floor below the equilibrium price.