Author Question: When the U.S. housing market slumped from 2005 to 2007, we would expect the demand curve for lumber ... (Read 60 times)

ssal · **on:** Jun 30, 2018

When the U.S. housing market slumped from 2005 to 2007, we would expect the demand curve for lumber
a. exhibited a movement along to the right
b. shifted to the left
c. exhibited a movement along to the left
d. shifted to the right
e. None of the answers is correct.

Question 2

Using the Lorenz curve, the degree of income inequality is measured by
a. The line connecting all points for which a given percentage of families receives exactly the cumulative percentage of income
b. the distance of the Lorenz curve from the line of perfect equality
c. the flat diagonal line that applies to a perfectly elastic demand curve
d. the number of times the Lorenz curve crosses the line of perfect equality
e. is derived by dividing the number of people below the poverty line by the total population