Draw and explain a Lorenz curve
What will be an ideal response?
In the above figure, the curve displaying the actual money income distribution is the Lorenz curve. The farther the Lorenz curve is from the 45-degree line that shows what the curve would be if money income were equally distributed, the more unequal is the actual distribution of income.
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An increase in wealth ________ saving supply, and the supply of loanable funds curve ________
A) does not change; does not shift B) decreases; shifts rightward C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
If interest rates rose more in the U.S. than in France, then other things the same
a. U.S. citizens would buy more French bonds and French citizens would buy more U.S. bonds. b. U.S. citizens would buy more French bonds and French citizens would buy fewer U.S. bonds. c. U.S. citizens would buy fewer French bonds and French citizens would buy more U.S. bonds. d. U.S. citizens would buy fewer French bonds and French citizens would buy fewer U.S. bonds.
The amount by which exports exceed imports is a:
A. Quota. B. Trade deficit. C. Trade surplus. D. Comparative advantage.
In Figure 24.1 total cost is represented by the area
A. CDFE. B. ABFE. C. ABGHE. D. ABDC.