For the calculation of a Lorenz curve using quintiles, the:
a. first quintile contains the richest 50 percent of population.
b. first quintile contains the richest 20 percent of population.
c. first quintile contains the poorest 50 percent of population.
d. first quintile contains the poorest 20 percent of population.
e. last quintile contains the poorest 10 percent of population.
d
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If the Fed raised the money supply growth by more than expected then the unemployment rate would _____ in the short run. Explain the process by which the economy moves to the long run if the Fed maintains the higher money supply growth rate
Fill in the blank(s) with correct word
Demand for low budget items, such as candy, is generally ________ than demand for large budget items, such as automobiles.
A. higher B. lower C. more elastic D. less elastic