A straight-line Lorenz curve shows
A) an equal distribution of money income.
B) a greater than proportionate share of income going to middle-income households.
C) a high incidence of absolute poverty.
D) a highly unequal distribution of income.
A
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Figure 3-20
Refer to . If 110 units of the good are being bought and sold, then
a.
the cost to sellers is equal to the value to buyers.
b.
the value to buyers is greater than the cost to sellers.
c.
the cost to sellers is greater than the value to buyers.
d.
producer surplus is greater than consumer surplus.
In the Ricardian model, the marginal product of labor:
a. first rises, then falls, as more labor is employed to produce a good. b. first falls, then rises, as more labor is employed to produce a good. c. continuously falls, as more labor is employed to produce a good. d. does not change, as more labor is employed to produce a good.
The slope of the PPF can be expressed as:
a. the ratio of abundance of capital to labor. b. the preferences of consumers in terms of marginal utility. c. the ratio of the quantities of good 1 and good 2. d. the negative of the ratio of the marginal products of labor in producing each good
A leftward shift in AS will cause a leftward shift in the Phillips curve.
Answer the following statement true (T) or false (F)