The Lorenz curve shows the
a. percent of families on the vertical axis and percent of income on the horizontal axis.
b. percent of families on the horizontal axis and the cumulative percent of income on the vertical axis.
c. cumulative percent of income on the vertical axis and the cumulative percent of families on the horizontal axis.
d. cumulative percent of families on the vertical axis and the cumulative percent of income on the horizontal axis.
c. cumulative percent of income on the vertical axis and the cumulative percent of families on the horizontal axis.
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Which of the following statements is true of the impact of trade restrictions on domestic employment?
a. Domestic firms will produce the goods that otherwise would have been produced abroad, thus employing foreign workers instead of domestic workers. b. Beside the protected industry, other industries will also benefit in terms of employment. c. Workers in the protected industry migrate to other industries. d. Restrictions imposed on trade redistribute jobs by creating employment in the protected industry and reducing employment elsewhere. e. Minimum wages for skilled and unskilled labor increase in the domestic country.
Which of the following groups of workers would be considered part of the short-run supply of court reporters in the Chicago area-labor market?
a. individuals in the Chicago area who are undergoing training as court reporters b. trained court reporters in Indianapolis who are seeking information about relocating to Chicago c. trained court reporters and individuals undergoing training in the Chicago area d. unemployed, trained court reporters who are seeking work in an alternative field in the Chicago area e. trained court reporters working or seeking work as court reporters in the Chicago area
Assume the multiplier is 5 and that the crowding-out effect is $30 billion. An increase in government purchases of $20 billion will shift the aggregate-demand curve to the
a. right by $130 billion. b. right by $70 billion. c. right by $50 billion. d. right by $10 billion.
If a firm that pollutes wants to maximize profits, it will produce where
A. Marginal revenue and private marginal cost are equal. B. The social value of production equals the social cost of production. C. Social benefits exceed social costs. D. Private and social costs are equal.