Answered: 1) Lorenz curve show the inequality in…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Income Inequality And Poverty

Section: Chapter Questions

Problem 2CQQ

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1) Lorenz curve show the inequality in income distribution but it does not show

a) the debts involved
b) the country of inequality
c) amount of income
d) the percentage of population

2) Final goods are the only ones included in the GDP and GNP, in order to

a) to include depreciation
b) to avoid double counting
c) to include all sectors of the economy
d) to account for government borrowings as well

3) If the economy wants to decrease private sector's investment spending,

a) the consumers must increase spending
b) both the government and consumers must increase spending.
c) the government must increase its spending
d) the government must decrease its spending

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