An actual Lorenz curve shows
A. the relationship between income and tax revenue.
B. the maximum and minimum wage gaps.
C. the relationship between income and earnings potential.
D. the share of income received by age group.
E. the cumulative share of income earned by quintiles of households.
Answer: E
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Refer to Scenario 14.4. Suppose that the price of the product rises to $5, the price of labor
A) will decrease. B) will increase. C) will not change. D) will change in an indeterminate fashion.
In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. In this example,
a. Mohammed has the absolute and comparative advantage in both tasks b. Tetah has the absolute and comparative advantage in both tasks c. Mohammed has the absolute advantage in both tasks and the comparative advantage in knitting sweaters d. Tetah has the absolute advantage in both tasks and the comparative advantage in knitting sweaters e. Mohammed has the absolute advantage in both tasks and the comparative advantage in baking cookies