If we were on Lorenz curve M, the top income quintile receives about _____% of income.
A. 24
B. 40
C. 58
D. 80
C. 58
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Which of the following is a difference between a perfectly competitive market and a monopoly?
A) There are huge barriers to entry in a perfectly competitive market, while there are no barriers to entry in a monopoly. B) The sellers in a perfectly competitive market are price makers, while a seller in a monopoly market is a price taker. C) The equilibrium price in a perfectly competitive market exceeds marginal revenue, while the equilibrium price in a monopoly equals marginal revenue. D) The market demand curve faced by a perfectly competitive firm is horizontal, while the market demand curve in a monopoly is downward-sloping.
An increase in the supply of dollars on the foreign exchange market, all else equal, will result in:
A) appreciation of the U.S. dollar and depreciation of the foreign currency. B) appreciation of the U.S. dollar and appreciation of the foreign currency. C) depreciation of the U.S. dollar and depreciation of the foreign currency. D) depreciation of the U.S. dollar and appreciation of the foreign currency.
Choices must be made because of scarcity; people do not have enough time or money to get everything they want
a. True b. False Indicate whether the statement is true or false
A.P. Lerner believes that society maximizes its total utility when income distribution is
a. perfectly equal, assuming individual utility functions are different b. perfectly equal, assuming individual utility functions are the same c. perfectly unequal, assuming individual utility functions are the same d. perfectly unequal, assuming individual utility functions are different e. whatever the market dictates because individual utility functions are different