One of the main tools used by economists to measure the actual distribution of income is
a. the Lorenz curve
b. the Golden Rule
c. the MR = MC rule
d. the MRP = MRC rule
e. the capital / labor ratio
A
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Which of the following will NOT cause a leftward shift in the Long-Run Aggregate Supply curve?
A) a reduction in the amount of capital B) a reduction in government spending C) a reduction in the amount of oil D) a net outflow of human capital
Autonomous planned spending includes five components of which two are dependent on the interest rates. These are
A) government spending and autonomous tax revenue. B) the demand for exports and the demand for imports. C) autonomous consumption and planned investment. D) government spending and investment.
Suppose fairness is defined as those who receive the greatest benefits from government should pay the most in taxes, then which of the following taxation systems would be consistent with this notion of fairness?
a. User fees for national parks. b. Gasoline taxes to fund highway maintenance. c. A tax on the poor to finance food stamps and other low-income assistance programs. d. All of the above are consistent.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.