With technological developments, more resources are discovered which change production sets for countries and make world trade more and more beneficial

If a company raises prices on a product with elastic demand, total revenues will probably decrease.

a. true b. false

The Lorenz curve and the Gini coefficient are different in that the Lorenz curve

a. includes income earned in foreign countries while the Gini coefficient only includes domestic income b. is much more accurate a reflection of income distribution than the Gini coefficient c. is a graphic representation and the Gini coefficient is a numerical measurement of income distribution d. includes income from government programs while the Gini does not e. compares different countries while the Gini only reflects data within a country