What is a Lorenz curve?
What will be an ideal response?
A Lorenz curve is a widely used graph of the distribution of income, with cumulative percentage of families plotted along the horizontal axis and cumulative percentage of income plotted along the vertical axis.
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In a demand-pull inflation, money wage rates rise because
A) a decrease in aggregate demand creates a labor shortage. B) an increase in aggregate demand creates a labor surplus. C) an increase in aggregate demand creates a labor shortage. D) a decrease in aggregate demand creates a labor surplus. E) an increase in aggregate supply creates a labor shortage.
The above figures show the market for oranges. Which figure(s) shows the effect of an increase in the price of bananas, a substitute for oranges?
A) Figure A B) Figure C C) Figure D D) Figure A and C
Positive statements can be checked, evaluated, or edited based on:
a. available evidence. b. personal choice. c. budget constraints. d. opportunity costs.
Which of the following is a characteristic of a contestable market?
a. long-run economic profit b. many firms that are small relative to the market c. high costs for entry and exit d. minimum-cost production methods