A Lorenz curve can be used to illustrate
A) the supply of labor.
B) the substitution effect.
C) the income effect.
D) the distribution of income.
D
You might also like to view...
If the cross elasticity of demand is negative, that means the goods
A) have elastic demands. B) have inelastic demands. C) are complements. D) are substitutes. E) are inferior.
A financial services company offers to pay you $1,000 a year for life in exchange for $20,000 today. What factors affect your decision to take this offer?
What will be an ideal response?
This year a new oil field with substantial reserves has been discovered. Such discoveries are not made every year. Therefore an increase in the demand for oil will:
A) increase the long-run price of oil more than the short-run price of oil. B) increase the long-run price of oil less than the short-run price of oil. C) ensure the long-run price of oil and short-run price of oil increase by the same amount. D) ensure that the short-run price of oil falls. E) ensure that the short-run price of oil remains unchanged.
If the rate of exchange for a pound is $4, the rate of exchange for the dollar is:
A. ΒΌ pound. B. 4 pounds. C. $.25. D. $1.00.