A Lorenz curve is a graph that shows:
A. The equity versus efficiency trade-off
B. How many households are living in poverty
C. The tradeoff between inflation and unemployment
D. The distribution of household income
D. The distribution of household income
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In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. In the current market for peanut butter, the price falls and the quantity decreases
This set of results means that A) supply decreased by more than demand increased. B) demand increased by more than supply decreased. C) demand increased by more than supply increased. D) supply decreased by more than demand decreased.
Suppose MPL = 0.5 ? (q/L) and MPK = 0.5 ? (q/K). In the long run, the firm will hire equal amounts of capital and labor
A) all of the time. B) only when w = r. C) only when w = 0.5 ? r. D) at no point in time.
An economist would refer to an oil deposit as which type of resource?
a. land b. labor c. human capital d. physical capital e. entrepreneurship
If the maximum price a person is willing and able to pay for a good is $50, and consumers' surplus is $20, then it follows that the price the buyer paid for the good is
A) $20 B) $70 C) $50 D) $30 E) There is not enough information to answer the question.