A Lorenz curve measures the ________ on the vertical axis
A) cumulative percentage of money income
B) cumulative percentage of family wealth
C) cumulative percentage of families
D) demand of families on welfare
A
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Exhibit 4-8 Demand and supply curves
In Exhibit 4-8, a movement from A to C is best described as a(n):
A. increase in the quantity supplied and a decrease in the demand. B. decrease in the quantity supplied and a decrease in demand. C. decrease in the quantity supplied and an increase in demand. D. decrease in the quantity demanded and a decrease in supply.
The absolute poverty line looks at ________, and the relative poverty line captures ________
A. the percentage of the population that falls within the lowest quartile of income earners; what people can afford compared to those around them. B. the percentage of the population that falls within the lowest quartile of income earners; the percentage of the population that earns 40 percent less than the median income. C. who cannot afford the basic necessities; what people can afford compared to those around them. D. what people can afford compared to those around them; who cannot afford the basic necessities.