Income inequality is indicated by a Lorenz curve that:
a. bows up, away from the line of income equality.
b. bows down, away from the line of income equality.
c. lies parallel to the line of income equality.
d. coincides with the line of income equality.
e. approaches the vertical axis.
b
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The GATT prohibits quotas. Why didn't the United States or other countries try to stop the voluntary export restraint on automobiles implemented by the Japanese during the early 1980s?
a. At the time, the GATT did not prohibit quotas administered by the exporting country, that is, voluntary export restraints. b. Other countries did try to stop the voluntary export restraints but were unsuccessful in their efforts. c. The GATT only prohibited quotas after the WTO was established in 1995. d. The GATT only prohibits developing countries from using quotas.
Which of the following is the correct expression for short-run aggregate supply in the new classical view?
A) YP = Y + a(P - ) B) Y = YP + a(P - ) C) YP = Y + a(P + ) D) Y = YP + a(P + )