Refer to the information provided in Figure 18.1 below to answer the question(s) that follow.
Figure 18.1Refer to Figure 18.1. Suppose that the Lorenz curve ________. This would mean that the distribution of income is equal.
A. was perfectly vertical
B. was the same as the 45-degree line OB
C. was below the 45-degree line OB
D. was above the 45-degree line OB
Answer: B
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The presence of discouraged workers
A. may cause the official unemployment rate to understate the true amount of unemployment. B. reduces the size of the labor force but does not affect the unemployment rate. C. may cause the official unemployment rate to overstate the true amount of unemployment. D. increases the size of the labor force but does not affect the unemployment rate.
A nation has an unfavorable balance of trade when
a. it has a surplus in its balance of payments b. it has a deficit in its balance of payments c. the value of its imports of goods is greater than the value of its exports of goods d. its current account is in surplus and its capital account is in deficit e. it has high tariffs
In her calculation of the cost of going to college, an economist would include the amount of forgone earnings over the years spent at college.
Answer the following statement true (T) or false (F)
Demand deposits are
a. coins and currency b. the same as time deposits c. included in M2 and M3 but not M1 d. gold bars in the Federal Reserve System e. funds in checking accounts