The Lorenz curve maps:
A. the cumulative percentage of the population against the cumulative percentage of income earned by those people.
B. each quintile of the population in order of income-earned against the average income earned by those people.
C. GDP per capita against what people really earn by quintile.
D. None of these describes what the Lorenz curve maps.
A. the cumulative percentage of the population against the cumulative percentage of income earned by those people.
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Which of the following is true of exchange?
a. The value of a good is determined by the cost of the resources required to produce the good. b. Exchange makes it possible for trading partners to produce more goods through division of labor and adoption of mass production methods. c. Nothing new is created by exchange; if one party to an exchange gains, the other must lose an equal amount. d. Both a and b are true.
If the real exchange rate between the U.S. and Argentina is 1, then
a. purchasing-power parity holds, and 1 U.S. dollar buys 1 Argentinean bolivar. b. purchasing-power parity holds, and the amount of dollars needed to buy goods in the U.S. is the same as the amount needed to buy enough Argentinean bolivars to buy the same goods in Argentina. c. purchasing-power parity does not hold, but 1 U.S. dollar buys 1 Argentinean bolivar. d. purchasing-power parity does not hold, but the amount of dollars needed to buy goods in the U.S. is the same as the amount needed to buy enough Argentinean bolivars to buy the same goods in Argentina.
Bob is not considered unemployed if he
A. is temporarily laid off. B. is not working but has looked for a job for the past two months. C. is not looking for a job. D. all of the above.
The above table has information about the hypothetical economy of Robotica. Based on the data, the size of M2 is
A) $2,600 billion. B) $2,610 billion. C) $610 billion. D) $600 billion. E) $1,710 billion.