In Figure 4.3, the most inelastic supply curve:
A. is Supply1.
B. is Supply2.
C. is Supply3.
D. cannot be determined.
Answer: A
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The above figure shows two Lorenz curves. Lorenz curve A shows the distribution of income and Lorenz curve B shows the distribution of wealth. Which statement below is CORRECT?
A) The Lorenz curve for wealth shows that wealth is distributed less equally because wealth does not include human capital. B) The Lorenz curve for income shows that income is distributed less equally because income does not include income from stocks and bonds. C) The Lorenz curves show wealth is greater than income. D) The Lorenz curves show income is greater than wealth.
A perfect price discriminator
A) charges the maximum price for each unit that consumers are willing to pay. B) is able to convince consumers to pay more for each unit than they are willing to pay. C) is unable to make an economic profit. D) disregards the market demand curve.
Which of the following policies is NOT in the Fed's monetary toolbox?
a. Buying government bonds b. Increasing the quantity of reserves c. Lending reserves to banks d. Issuing a bank run
The Clayton Act of 1914
A. outlawed all mergers. B. abolished the Sherman Act of 1890. C. outlawed specific business practices that discouraged competition. D. reduced the federal government's antitrust authority.