The distribution of money income can be represented graphically using
A) supply and demand diagrams.
B) a Lorenz curve.
C) a Keynesian curve.
D) a Distribution curve.
Answer: B
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If Stock A sometimes increases and sometimes decreases in value when Stock B increases in value at the same time, they are
A) negatively correlated. B) uncorrelated. C) positively correlated. D) random bets.
Which of the following is a political function of government but is not a central economic function?
A) determining who has a right to vote B) determining government-sponsored and government-inhibited goods C) providing a legal system to adjudicate property rights D) redistributing income from some individuals to others
In the long run in a perfectly competitive market:
A. firms earn zero economic profits. B. firms operate at an efficient scale. C. supply is perfectly elastic when all firms have the same cost structure. D. All of these are true.
A community in a Southeastern state passed a beautification ordinance (law) prohibiting the placement of indoor furniture outside of homes (i.e., no couches on the porch). The law represents a conflict between ____ and ____
a. the rich; the poor b. third parties; market participants c. victims; criminals d. public goods; private goods e. residents; visitors