What does a Lorenz curve illustrate?
A) the change over time in the percentage of households with incomes that place them below the poverty line
B) the share of taxes paid by different groups of households
C) the distribution of income within a country in a given time period
D) a comparison of the distribution of income in two different countries
C
You might also like to view...
A decrease in the personal income tax rate ________ disposable income which ________ consumption
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Which of the following characteristics applies to a monopolistically competitive? industry?
A. Firms act independently of each other. B. There are very few firms in the industry. C. Collusion is common. D. Firms in the industry each control a large share of the market. e. Products are? similar, but not? identical, to? competitors' products.
To calculate market demand, we
A. Add the quantities demanded for each individual demand schedule vertically. B. Find the difference between the quantity demanded and the quantity supplied at each price. C. Find the average quantity demanded at each price. D. Add the quantities demanded for each individual demand schedule horizontally.
If the CPI increases by 3 percent over a year and average nominal income increases by 5 percent, real income has increased by how much