The Lorenz curve is criticized for all of the following EXCEPT
A) that it excludes transfers-in-kind income.
B) that it does not account for the size differences of households.
C) that it does not account for age differences of households.
D) that it does not account for the impact of trade on the standard of living.
Answer: D
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Which of the following is a better measure of the productivity of employed people in a country?
A) Gross Domestic Product B) Gross National Product C) Income per worker D) Income per capita
Which of the following statements is true?
A) All else equal, the incentive to look for a job is lower for an individual with a lower opportunity cost of time. B) All else equal, a worker who earned a higher income earlier but is now unemployed will have a lower opportunity cost of time than someone who had a lower income but is now unemployed. C) All else equal, a worker who earned a higher income earlier but is now unemployed will have the same opportunity cost of time than someone who had a lower income but is now unemployed. D) All else equal, the incentive to look for a job is higher for an individual with a lower opportunity cost of time.