The more bowed (skewed) the Lorenz curve
A) the more equal the distribution of income.
B) the greater the number of households in the society.
C) the more unequal the distribution of money income.
D) the greater the total income of the society.
C
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According to the authors of your text, the phrase "property rights" can be substituted with the phrase
A) "property wrongs." B) "what people think they can get away with." C) "animal rights." D) "rugged individualism." E) "free market capitalism."
Movements of a currency’s value in terms of the foreign exchange rate will affect the quantity of aggregate _______________ in an economy.
a. demand b. supply c. production d. trade
According to the neoclassical theory of distribution, the wages paid to workers
a. reflect the market prices of the goods those workers produce. b. reflect the degree of market power held by the firms that pay those wages. c. fail to reflect those workers' opportunity costs of leisure. d. are unrelated to the forces of supply and demand.
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others.
A. fixed cost B. variable cost C. opportunity cost D. total cost