If everyone earned the same income, the Lorenz curve would be
A) a rectangular hyperbola.
B) a straight line from the origin at a 45-degree angle.
C) the horizontal axis.
D) very bowed from the diagonal.
B) a straight line from the origin at a 45-degree angle.
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The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S. is:
a. The demand for unskilled labor fell while the demand for skilled labor increased. b. The supply for unskilled labor increased and the supply for skilled labor remained the same. c. While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor. d. The supply and demand for skilled labor increased while both decreased for unskilled labor.
The U.S. Treasury estimates that the fraction of U.S. currency held outside the United States is:
A. about half. B. between one-half and two-thirds. C. less than 10%. D. about one-fourth.