A Lorenz curve depicts the
a. number of people in an economy living below the poverty line
b. percentage of children in an economy who are not receiving adequate nutrition
c. percentage of the economy's population benefiting from government spending programs
d. percentage of total income that a specific percentage of the population receives
e. percentage of the population whose income is dependent on wages and salaries
D
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Using concentration ratios, which is the more concentrated industry?
A. Industry X with a concentration ratio of 80.
B. Industry Y with a concentration ratio of 95.
C. Both industries have the same concentration ratio of 100.
D. There is no way to determine which industry has the higher concentration ratio.
Marco observed that every time the temperature rises above 90 degrees, he forgets to take out the trash. Based on this observation he concluded that temperatures above 90 degrees result in temporary memory loss. In actuality, Marco
A. committed the fallacy of logic. B. showed good reasoning relating to the relationship between temperatures and memory. C. was confusing causality. D. committed the ceteris paribus error.
Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?
A. Winter water use tends to be for necessities such as cleaning and cooking, and summer water use tends to be for both necessities and non-necessities such as gardening and recreation. B. Winter is longer than summer, and price elasticity is lower over longer time horizons. C. Summer is longer than winter, and price elasticity is higher over longer time horizons. D. People take more vacations in the summer and so use less water at home.