The Lorenz curve and the Gini coefficient are similar in that both
a. are numerical measurements
b. illustrate dispersions of income throughout an economy
c. represent after tax incomes
d. are abstract models of the real world but there are no data allowing us to apply it to the real world
e. compare the levels of incomes earned in different countries
B
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Which of the following activities are production?
A) combining flour, milk, and eggs to make cookies B) moving coal from southern Illinois to an electrical power plant in northern Illinois C) taking ice cubes from a tray to put in a drink D) All of the above are production.
A Pareto improvement
a. cannot take place unless a side payment is made b. cannot take place unless a market is perfectly competitive c. cannot occur unless both parties to a transaction enjoy positive net benefits d. will increase the total net benefits available in a perfectly competitive market e. occurs whenever the sum of market consumer surplus and market producer surplus is positive