The panic of 1893 was caused by the Sherman Silver Act of 1890, which doubled the Treasury's monthly purchase rates to 4
5 million ounces of silver at current market prices and was eased when President Cleveland called for the Act's repeal on June 30, 1893. Indicate whether the statement is true or false
True
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If a Lorenz curve were constructed for the distribution of wealth, the curve would
a. indicate greater inequality for wealth than income. b. indicate less inequality for wealth than income. c. be identical to the Lorenz curve for income. d. be a straight line from the origin.
If the cross-elasticity of goods X and Y is positive, then the sales of X move:
A. in the opposite direction as the price of Y, and X and Y are substitute goods. B. in the opposite direction as the price of Y, and X and Y are complementary goods. C. in the same direction as the price of Y, and X and Y are substitute goods. D. in the same direction as the price of Y, and X and Y are complementary goods.
Exhibit 21-3 Potatoes and wheat output (tons per day) CountryPotatoes Wheat United States4 2 Ireland3 1 In Exhibit 21-3, the United States has an absolute advantage in producing:
A. potatoes. B. wheat. C. both. D. neither.
Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.