Author Question: Consider an economy made up of 100 people sixteen years of age and older, 60 of whom hold jobs, 10 ... (Read 124 times)

yoooooman · **on:** Jun 30, 2018

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 2

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.