If a nation's Lorenz curve lies on the line of income equality
A. proportionately more of the nation's income is received by the lowest 20% of families than the highest 20%.
B. income is unequally distributed.
C. proportionately more of the nation's income is received by the highest 20% of families than the lowest 20%.
D. the income received by each 20% of families is 20% of the total income.
D. the income received by each 20% of families is 20% of the total income.
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Which of the following is a CORRECT statement?
A) Producer surplus is an external benefit. B) Consumer surplus is an external benefit. C) A government subsidy paid to a producer is an external benefit. D) None of the above statements are correct.
Two emerging trends in 1990s macroeconomic thinking are that fiscal policy should be designed according to its ________ consequences and that monetary aggregates ________ useful in the conduct of monetary policy
A) short-run stabilization, are no longer B) short-run stabilization, continue to be C) long-run growth, are no longer D) long-run growth, continue to be
Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:
a. elastic. b. inelastic, but not perfectly inelastic. c. unitary elastic. d. perfectly elastic.
Critics of globalization argue that international trade agreements represent roadblocks to democratic decision making, because power is decentralized from large international institutions to the local communities in the process
a. True b. False Indicate whether the statement is true or false