When the Lorenz curve lies above the diagonal,
a. the poorest 20 percent of the population receives more than 20 percent of income
b. the richest 20 percent of the population receives more than 20 percent of income
c. every quintile receives identical incomes
d. it indicates that total income has increased even though the distribution of income remains unchanged
e. it is incorrectly drawn because no Lorenz curve can lie above the diagonal
E
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The Federal Reserve System is organized into
A) one large district covering the entire United States. B) three districts, one for each of the countries in North America. C) 12 districts, dividing up the countries in North America. D) 50 districts, one per state. E) 12 districts, dividing up the United States.
When quantity supplied and quantity demanded are not the same in a market:
a. supply shock b. shortage c. excess supply d. disequilibrium e. search costs