When the Lorenz curve moves closer to the diagonal, this shows:
a. the rich getting richer and the poor getting poorer.
b. total income is rising.
c. the distribution of income is becoming more even.
d. the population is decreasing.
e. the prices of goods are rising.
c
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The square of the percentage market share of each firm summed over the 50 largest firms in a market is the
A) elasticity of demand value. B) elasticity of supply value. C) Herfindahl-Hirschman Index. D) four-firm concentration ratio. E) fifty-firm concentration ratio.
The idea that money has "time value" refers to the fact that:
A. people prefer to receive a given sum of money in the future rather than in the present. B. money can be used to purchase the services of labor, as measured in hourly units. C. a specific amount of money is more valuable to a person the sooner it is received. D. compound interest converts future dollars into a greater amount of current dollars.