A straight-line Lorenz curve shows
A) an equal distribution of money income.
B) a greater than proportionate share of income going to middle-income households.
C) a high incidence of absolute poverty.
D) a highly unequal distribution of income.
Answer: A
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Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than B) a surplus; is less than C) a shortage; is less than D) a surplus; is greater than E) neither a surplus nor a shortage; equals
In utility analysis, a consumer's tastes and preferences are assumed to be
A) dependent on income and education. B) predetermined and constant. C) dependent on national origin. D) non-existent