Which of the following can you determine from a Lorenz curve of U.S. income distribution?
a. the average income of U.S. households.
b. the percentage of income going to the lowest 20 percent of households.
c. the amount of income going to the lowest 20 percent of households.
d. the percentage of income going to wages and salaries.
b. the percentage of income going to the lowest 20 percent of households.
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Refer to the scenario above. Which of the following will happen if the equilibrium price charged by the firm in the short run is $130?
A) The firm will earn positive economic profits and continue production. B) The firm will incur a loss but continue production. C) New firms will enter the industry in the long run. D) All firms will incur losses in the long run.
The consumption function will shift for all of the following reasons except:
a. a change in a household's real assets. b. a change in interest rates. c. expectations of price changes. d. changes in a household's disposable incomes. e. changes in taxation policy.
There is evidence that the presence of unions in a labor market:
A. has no effect on the wages of non-union wage earners in the same market. B. can push wages up for non-union wage earners in the same market. C. can keep wages low for non-union wage earners in the same market. D. has an identical effect on the wages of union and non-union wage earners in the same market.
People's knowledge is a type of capital, called human capital.
Answer the following statement true (T) or false (F)