The Lorenz curve is a geometric representation of
A) the profile of earnings for a "typical" family over time.
B) the standard of living experienced by the poor in a country.
C) the difference between pre-tax and post-tax income.
D) the distribution of income.
D
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Which of the following categories accounts for about one-third of the total spending of state and local governments?
a. Community development b. Health and sanitization c. Education d. Transportation
Suppose prices in the United States are expected to decline in the future. The effect today is likely to:
A. make the AD curve flatter. B. make the AD curve steeper. C. shift the AD curve to the right. D. shift the AD curve to the left.
Excise taxes on products like gasoline and tobacco are regressive.
Answer the following statement true (T) or false (F)