Borrowing money from other countries is rarely a good idea
Indicate whether the statement is true or false
FALSE
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Increases in the stock of capital are the result of decreases in
A) net investment. B) depreciation. C) gross investment. D) all of the above.
When the Lorenz curve lies above the diagonal,
a. the poorest 20 percent of the population receives more than 20 percent of income b. the richest 20 percent of the population receives more than 20 percent of income c. every quintile receives identical incomes d. it indicates that total income has increased even though the distribution of income remains unchanged e. it is incorrectly drawn because no Lorenz curve can lie above the diagonal
To fully understand how taxes affect economic well-being, we must compare the
a. benefit to buyers with the loss to sellers. b. price paid by buyers to the price received by sellers. c. profits earned by firms to the losses incurred by consumers. d. decrease in total surplus to the increase in revenue raised by the government.
An inferior good is one in which
a. the average consumer chooses not to consume. b. the good is not equally valued by all consumers. c. an increase in income increases consumption of the good. d. an increase in income decreases consumption of the good.