A geometric representation of the distribution of income is referred to as
A) the labor supply curve.
B) the Lorenz curve.
C) the Phillips curve.
D) the Keynesian cross.
Answer: B
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If you borrow money at a 9% nominal rate and the inflation rate is 2%, what is the real interest rate on the loan?
a. 9.0% b. 11.0% c. 7.0% d. 2.0% e. 4.5%
In monopolistic competition, the end result of entry and exit is that firms end up with a price that lies on the downward-sloping portion of the average cost (AC) curve, not at the very bottom of the AC curve. This means that monopolistic competition will:
a. be productively efficient. b. display allocative efficiency, but only in the short run. c. not be productively efficient. d. display allocative efficiency, but only in the long run.
What you mean by business cycles? What are their consequences?
When a firm shuns other suppliers and chooses to produce an input internally.
A. Contracts B. Spot exchange C. Vertical integration D. Horizontal integration