The 45-degree line splitting the distance between the axes in a Lorenz Curve is the:
a. line of equal share of expenditure.
b. line of equivalent income.
c. line of income equality.
d. line of average income.
e. line of absolute inequality.
c
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What does U.S. GDP intend to measure?
A) The market value of final goods and services produced by U.S. citizens during the course of a year B) The market value of all goods and services produced by U.S. citizens during the course of a year C) The market value of final goods and services produced within the U.S. during the course of a year D) The market value of all goods and services produced within the U.S. during the course of a year
The concept of surplus can:
A. show who loses from minimum wage. B. show the benefits of introducing new markets. C. show who benefits from a tax. D. show any of these.
The most obvious measure of low levels of development is
A. oil production. B. lack of water. C. low per capita income levels. D. bilingualism.
The demand curve for the product of a perfectly competitive firm is
A. perfectly inelastic. B. upward sloping. C. perfectly elastic. D. downward sloping.