Income is distributed ________ equally than wealth and the Lorenz curve for ________ lies closer to the line of equality.
A) more; income
B) more; wealth
C) less; income
D) less; wealth
Question 2
Which of the following represents a price elastic supply?
A) The quantity demanded increases 18 percent as a result of a decrease in the price of 8 percent.
B) The price rises by 8 percent causing the quantity demanded to fall by 10 percent.
C) The quantity supplied increases by 21 percent as a result of an increase in the price of 12 percent.
D) The price rises by 22 percent causing the quantity supplied to increase by 3 percent.
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