The above figure shows the Lorenz curves for four different countries. Which of the following statements is FALSE?
A) Country A has an income distribution that is not perfectly equal.
B) Country D's income distribution is the most unequal of the four countries.
C) The distribution of income is more unequal in country A than in country B.
D) The distribution of income is more unequal in country D than in country C.
C
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Pete owns a shoe-shine business. Which of the following costs would be implicit costs? (i) shoe polish (ii) rent on the shoe stand (iii) wages Pete could earn delivering newspapers (iv) interest that Pete's money was earning before he spent his savings to set up the shoe-shine business
a. (i) and (ii) only b. (iv) only c. (iii) and (iv) only d. (i), (ii), (iii), and (iv)
One organization in the United States today that is exempt from antitrust laws is
A) the automobile industry. B) professional baseball. C) the oil industry. D) the steel industry.
At the profit-maximizing level of output for a perfectly competitive firm,
A) price equals marginal cost. B) average revenue equals average variable cost and price equals marginal cost. C) marginal revenue equals marginal cost and average total cost equals average fixed cost. D) price equals average revenue and marginal cost equals average variable cost.
Criteria for an optimum currency area include all the following except
A. extensive trade with each other. B. a common language. C. similar business cycle patterns. D. fiscal transfers.