If we know that the exchange rate is $1.60 per pound then the exchange rate of pounds per dollar is

Using the Lorenz curve, the degree of income inequality is measured by the:

a. line connecting all points for which a given percentage of families receives exactly that cumulative percentage of income. b. distance of the Lorenz curve from the line of perfect equality. c. flat diagonal line that applies to a perfectly elastic demand curve. d. number of times the Lorenz curve crosses the line of perfect equality.

The demand for luxurious goods are usually unaffected by an increase in income

a. True b. False Indicate whether the statement is true or false