A Lorenz curve based on the percentage of wealth held by different quintiles of the population, when compared to one based on income shares, shows a

The Pennsylvania Turnpike is a tolled freeway running through the state of Pennsylvania. Motorists must pay tolls at various points along the Turnpike based on the distance they traveled on the freeway. Suppose that despite the tolls, many motorists in the urban areas use the Turnpike causing traffic to slow during peak times. What type of good would the Turnpike be classified as in this case?

a. private good b. club good c. common resource d. public good

The budget constraint shows the

A) combinations of goods that generate the same amount of total satisfaction. B) possible combinations of goods that can be purchased with a specified income. C) changes in consumption of goods that a consumer makes when his income increases. D) amount of a good the consumer will buy at various prices.