Looking at a Lorenz curve, the first quintile viwed from the origin records the
a. the income held by the richest 50 percent of population
b. the income held by the richest 20 percent of population
c. the income held by the poorest 50 percent of population
d. the income held by the poorest 20 percent of population
e. the wealth held by the poorest 10 percent of population
D
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
If a Canadian firm opens a production facility in the United States, the profits from this production facility received by the Canadian owners of the firm in exchange for the factors of production they supply will be included in the
A) gross domestic product of Canada. B) gross national product of the United States. C) gross national product of Canada. D) exports from Canada and imports to the United States.
Both signaling and screening:
A. reduce efficiency in the market. B. are effective ways to increase information available to both parties. C. benefit the sellers but harm the buyers. D. benefit the buyers but harm the sellers.
Adaptive expectations is a school of thought that argues people form expectations based on all available information, including the likely future actions of government policy makers
a. True b. False Indicate whether the statement is true or false