A Lorenz curve measures the ________ on the vertical axis
A) cumulative percentage of money income
B) cumulative percentage of family wealth
C) cumulative percentage of families
D) demand of families on welfare
A
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The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90. In order for this consumer to choose the corner solution at point E, which of the following must occur?
A. price of Y must rise to $6. B. price of X must rise to $6. C. price of Y must rise to $9. D. price of X must rise to $9.
Citizens can consume more of everything in a(n)
A. open economy. B. closed economy. C. economy with many citizens. D. autarky.
Which of the following is an example of a barter system?
(A) Instead of paying for a purchase in Mexico in pesos, you use dollars from the United States. (B) Instead of paying the full amount for a car, you pay 10 percent in cash and the rest in monthly installments. (C) Instead of paying cash for a computer, you use a credit card. (D) Instead of paying rent, you clean the house for the owner.
If Gerry saves $500 per month, then Gerry's ________ will increase by ________.
A. wealth; $500 only if he has no debt B. wealth; $500 only if he buys additional assets C. wealth; $500 D. income; $500 only if he buys additional assets