The 45-degree line splitting the distance between the axes in a Lorenz Curve is the:
a. line of equal share of expenditure.
b. line of equivalent income.
c. line of income equality.
d. line of average income.
e. line of absolute inequality.
c
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If August futures for a commodity are currently trading at $9.30/bu, and you expect the basis in July to be $0.25/bu under the August futures, then you expect the July cash price to be:
A. $9.05/bushel under August B. $9.55/bushel over August C. $9.05/bushel D. $9.55/bushel
Which of the following is a property of an S-shaped curve that corresponds to the prospect theory value function?
A) The curve passes through the reference point at the origin. B) Both sections of the curve are convex to the horizontal, outcome axis. C) The curve is symmetric with respect to gains and losses. D) None of the above.