If a Lorenz curve for a country's income bows more rightward over time, then the country's
A) income is increasing.
B) income is decreasing.
C) income is becoming more unequally distributed.
D) income is becoming more equally distributed.
C
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If households expect an increase in their future incomes, they will save
A) less and consume more today. B) more and consume less today. C) and consume more today. D) and consume less today.
Assume a price floor is imposed in the wheat market at the equilibrium price and that a price ceiling is imposed in the gasoline market at the equilibrium price. An increase in supply in both the wheat and gasoline markets will create: a. surpluses in both the wheat and gasoline markets
b. shortages in both the wheat and gasoline markets. c. a surplus in the wheat market and an increase the quantity of gasoline traded. d. a surplus in the wheat market and a shortage in the gasoline market.