In a Lorenz curve diagram, the 45° line represents:
a. perfect income equality.
b. zero inflation.
c. a negative income tax.
d. an extremely unequal distribution of income.
a
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If real GDP grows at 3 percent a year, the quantity of money grows at 5 percent a year, and the velocity of circulation is constant, then the price level must be
A) increasing at 8 percent a year. B) decreasing at 2 percent a year. C) increasing at 15 percent a year. D) increasing at 2 percent a year. E) decreasing at 8 percent a year.
Which of the following would cause a shift to the right of the supply curve for gasoline?
I. A large increase in the price of public transportation. II. A large decrease in the price of automobiles. III. A large reduction in the costs of producing gasoline. A) I only B) II only C) III only D) II and III only