The Lorenz curve
A. shows what portion of the population are living in poverty and what portion are living in wealth.
B. shows what portion of the population is working as professionals, white- and blue-collar, workers and workers at menial tasks.
C. breaks down the income levels of each group in the economy.
D. shows what portion of total money income is accounted for by different proportions of the nation's households.
Answer: D
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A market situation where a small number of sellers dominate the entire industry is called:
a. monopolistic competition. b. monopsony. c. monopoly. d. oligopoly.
Some economists argue that the recent relatively high rate of unemployment has resulted in part from the fact that a part of the workforce has not made the adjustment to new technologies
Indicate whether the statement is true or false
Which of the following is the basis for the consumption effect of a tariff imposed on imported automobiles?
A. The net increase in the availability of the domestic automobiles for the consumers owing to higher prices B. The net increase in the government revenue by taxing the domestic consumers who buy the imported automobiles C. The decline in the purchase of the product due to the increase in its price D. The net increase in the consumption of imported automobiles by the domestic consumers
The gap that exists when equilibrium real Gross Domestic Product (GDP) is less than full employment real Gross Domestic Product (GDP) is called a(n)
A. supply gap. B. inflationary gap. C. recessionary gap. D. employment gap.