Changes in the Lorenz curve since 1929 in the United States indicate that
A) the distribution of income today is identical to what it was in 1929.
B) the distribution of income is slightly less equal today than in 1929.
C) the distribution of income is slightly more equal today than in 1929.
D) the distribution of income is much more equal today than it was in 1929.
Answer: C
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Perfect competition arises if the ________ efficient scale of a single producer is ________ relative to the demand for the good or service
A) minimum; small B) minimum; large C) maximum; small D) maximum; large
Banks advertise
a. the real interest rate, which is how fast the dollar value of savings grows. b. the real interest rate, which is how fast the purchasing power of savings grows. c. the nominal interest rate, which is how fast the dollar value of savings grows. d. the nominal interest rate, which is how fast the purchasing power of savings grows.
Empirical evidence across numerous countries indicates that changes in the ________ are associated with nearly equiproportional changes in ________.
A. price level, money supply B. money supply, price level C. money supply, real Gross Domestic Product (GDP) per year D. real Gross Domestic Product (GDP) per year, income velocity of money
Refer to the information provided in Figure 6.3 below to answer the question(s) that follow.
Figure 6.3Refer to Figure 6.3. Molly's budget constraint is AC. It would swivel to AD if the price of
A. DVDs increased. B. CDs increased. C. DVDs decreased. D. CDs decreased.