If a nation's Lorenz curve lies on the 45-degree line of income equality:
A. income is unequally distributed.
B. proportionately more of the nation's income is received by the highest 20 percent of families than by the lowest 20 percent.
C. the income received by each 20 percent of families is 20 percent of the total income.
D. proportionately more of the nation's income is received by the lowest 20 percent of families than by the highest 20 percent.
Answer: C
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In the above table, if the quantity sold by the firm rises from 6 to 7, its marginal revenue is
A) $15. B) $30. C) $90. D) $105.
What is human capital and why is it crucial to expand human capital as part of the development process?
What will be an ideal response?
Policy is conducted via discretion if policymakers
a. announce and achieve a constant money supply. b. announce and achieve a constant interest rate. c. are free to respond to changes in economic conditions on a case-by-case basis. d. announce in advance how they will respond to changes in economic conditions.
Which of the following is true? a. The nominal wage will be constant only if the inflation rate is constant
b. The real wage will be greater than the nominal wage only if the inflation rate is constant. c. The nominal wage and the real wage will change by the same amount if the price level is constant. d. The real wage will be equal to one only if the price level is zero. e. The real wage will be constant only if the nominal wage is constant.