A Lorenz curve measures the ________ on the horizontal axis
A) cumulative percentage of family income
B) cumulative percentage of family wealth
C) cumulative percentage of families
D) demand of families on welfare
C
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Which of the following is true of international trade?
A) International trade reduces the total surplus enjoyed by an economy. B) International trade benefits all participants equally. C) International trade in services is not allowed. D) International trade increases overall economic efficiency.
The highest measured rate of unemployment in the United States occurred during
A) the post-WWII years. B) the Panic of 1893. C) the Carter administration. D) the Great Depression.
Explain the Ricardian equivalence theorem
What will be an ideal response?
What does it mean to collude?
a. to get together and agree to act jointly in pricing and other matters b. to refuse to cooperate with other competitors in the industry c. to restrict the amount of foreign goods than can be imported d. to require a customer who buys one product to buy a tying good