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aat21 aat21
wrote...
Posts: 343
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6 years ago
The Lorenz curve measures the:
 a. distribution of income.
  b. effectiveness of government transfer payments.
  c. extent to which family incomes are affected by welfare.
  d. all of these.

QUESTION 2

The budget of an economy is said to be in deficit when:
 a. federal outlays exceed revenues.
 b. federal revenues exceed outlays.
 c. anticipated inflation rate exceeds its actual rate.
 d. there is a loss of value of a country's currency with respect to one or more foreign reference currencies.
  e. anticipated interest rate exceeds its actual rate.

QUESTION 3

Which of the following people would be counted in the labor force?
 a. Chou, who lost his job and last looked for work three months ago
 b. Stephanie, who holds a Ph.D. in history but can only find part-time employment at a fast food restaurant
  c. Jordan, who would like to work as a stockbroker but is a stay-at-home father
 d. Steffan, who is a patient in a mental hospital
 e. Monique, age 90, who is enjoying her retirement in Montana

QUESTION 4

A graph that shows the cumulative shares of income received by a family is a:
 a. Distribution curve.
  b. Lorenz curve.
  c. Ricardian curve.
  d. Quintlile curve.

QUESTION 5

The entire U.S. federal budget process, beginning with the delivery of the President's budget to Congress and ending with the beginning of the fiscal year, takes about _____.
 a. one month
 b. six months
 c. nine months
  d. one year
 e. three months

QUESTION 6

Consider an economy made up of 100 people sixteen years of age and older, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the labor force is _____.
 a. 30
  b. 60
  c. 85
  d. 90
  e. 70

QUESTION 7

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.
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Replies
wrote...
6 years ago
[Answer to ques. #1]  a

[Answer to ques. #2]  a

[Answer to ques. #3]  b

[Answer to ques. #4]  b

[Answer to ques. #5]  c

[Answer to ques. #6]  e

[Answer to ques. #7]  b
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