If income were equally distributed, a nation's Lorenz curve would be identical to the _______________.
Fill in the blank(s) with the appropriate word(s).
line of perfect equality
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Cartels are difficult to maintain because: a. there are generally few barriers to entry in oligopoly markets. b. firms have a strong private incentive to cheat on agreements. c. it is difficult to enforce a cartel agreement
d. both (b) and (c).
In order to maintain stable prices, a central bank must
a. maintain low interest rates. b. keep unemployment low. c. tightly control the money supply. d. sell indexed bonds.
If market participants believe next year's corn crop is likely to be unusually large:
A. it will be impossible to find someone to take the long position in a futures contract. B. the current spot market price of corn is likely to be above the futures price of corn. C. the current spot market price of corn is likely to be below the futures price of corn. D. it would be impossible to find someone to take the short position in a futures contract.
The funding of public education is
A. provided by Social Security. B. a private program. C. done by voluntary contributions. D. a subsidy program.