A Lorenz curve measures the ________ on the vertical axis.
A. cumulative percentage of families
B. cumulative percentage of money income
C. cumulative percentage of family wealth
D. demand of families on welfare
Answer: B
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In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States from 18 to 21
If the legal drinking age was changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages?
According to the text, the price elasticity of demand for oranges has been estimated to be -0.62. This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:
A) increase by 6.2 percent. B) decrease by 6.2 percent. C) increase by 62 percent. D) decrease by 62 percent.
Suppose the private bond rating agencies ceased to exist. What would be the impact on the bond market?
What will be an ideal response?
Microfinance is the practice of lending ________, with no collateral, and accepting ________ savings deposits.
A. government-backed funds; government securities as B. very small amounts of money; small C. foreign currency; foreign currency as D. money electronically; electronic