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Title: If the area between the line of equality and the Lorenz curve is 1,000, the Gini ratio is : Post by: Juicy93 on Feb 26, 2018 If the area between the line of equality and the Lorenz curve is 1,000, the Gini ratio is
A) 0.8. B) 0.2. C) 0.1. D) 0.5. Ques. 2 A firm is said to have excess capacity when it produces the amount of output A) such that price is greater than marginal cost. B) such that marginal revenue is greater than marginal cost. C) smaller than that which minimizes average total cost. D) larger than that which minimizes average total cost. Ques. 3 Indifference curves are A) bowed in toward the origin if there is diminishing marginal rate of substitution. B) straight lines if the goods are perfect complements. C) right angles if the goods are perfect substitutes. D) always bowed out and away from the origin. Ques. 4 For the single-price monopoly shown in the figure above, the deadweight loss is A) zero. B) between 0 and 10. C) between 10.01 and 20. D) more than 20.01. Ques. 5 Which of the following statements regarding the long-term equilibrium is TRUE? A) As new firms enter a market, each existing firm increases the quantity it produces. B) Firms leave a market if they are making zero economic profit. C) Entry and exit stop when firms are making an economic profit. D) Entry and exit stop when firms make zero economic profit. Ques. 6 If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed resources in Mexico. Is this statement true or false? Briefly explain your answer. What will be an ideal response? Ques. 7 Using the above figure, suppose that roses are a normal good. If there is an increase in income A) the equilibrium price will rise above 25 per dozen roses. B) the equilibrium quantity will decrease below 10 dozen roses. C) we cannot predict what will happen to the equilibrium price. D) we cannot predict what will happen to the equilibrium quantity. Title: If the area between the line of equality and the Lorenz curve is 1,000, the Gini ratio is : Post by: nsc95 on Feb 26, 2018 Content hidden
Title: If the area between the line of equality and the Lorenz curve is 1,000, the Gini ratio is : Post by: Juicy93 on Feb 26, 2018 :sweat: Can you answer the others that I've posted too?
Title: If the area between the line of equality and the Lorenz curve is 1,000, the Gini ratio is : Post by: nsc95 on Feb 26, 2018 I'll take a quick look at them
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