Which of the following would most likely increase the price of automobiles?
a. a decrease in the price of steel used to produce automobiles
b. an increase in the price of gasoline
c. a decrease in consumer income
d. the United Auto Workers union obtaining a substantial wage increase for auto workers
D
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The Lorenz curve and the Gini coefficient are similar in that both
a. are numerical measurements b. illustrate dispersions of income throughout an economy c. represent after tax incomes d. are abstract models of the real world but there are no data allowing us to apply it to the real world e. compare the levels of incomes earned in different countries
Inaccurate prediction generally invalidates the use of theory in economics
a. True b. False Indicate whether the statement is true or false
If the capital stock decreases, then the economy will produce ____ output with the ____ amount of labor.
A. same, same B. less, same C. more, same D. more, decreased
Which statement is false?
A. The spreading use of electricity during the 1920s helped create rapid economic expansion in that decade. B. The stock market rose very rapidly in the late 1920s. C. Between 1921 and 1929 national output rose by 50 percent. D. None of the statements are false.