A Lorenz curve graphs the
A) percentage of income or wealth against the percentage of households.
B) cumulative percentage of income or wealth against the cumulative percentage of households.
C) cumulative value of income against the cumulative percentage of households.
D) percentage of wealth against the percentage of income.
B
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The sale of a used automobile would not be included in GDP of the current year because it is
A. Nonmarket transaction B. Nonproduction transaction C. Purely financial transaction D. Private transfer payment
If a given production combination is efficient, then it must be:
A. below the production possibilities curve. B. on the production possibilities curve. C. above the production possibilities curve. D. either an attainable or unattainable point.