All of the following are criticisms of the Lorenz curve EXCEPT
A) The Lorenz curve does not include in-kind transfers.
B) The Lorenz curve does not account for age differences.
C) The Lorenz curve does not account for differences in the sizes of families.
D) The Lorenz curve does not account for differences in education levels.
D
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Which of the following is not true regarding the argument for protection as a way of maintaining jobs and wage levels?
a. Wages may be only a small fraction of total production costs. b. High wages do not necessarily imply high labor costs when productivity is taken into account. c. U.S. workers are among the most productive in the world partly because they are well educated and trained compared to other countries. d. U.S. workers are highly productive partly because they are provided with abundant supplies of machines and physical capital. e. It is not possible that the U.S. wages, even when supported by high U.S. output per worker, can render U.S. products competitive with low-wage countries.
The capital stock of an economy increases _____
Fill in the blank(s) with the appropriate word(s).