What is a Lorenz curve? How does it illustrate income inequality?
Answer to relevant QuestionsWhat is the relationship between a Gini coefficient and a Lorenz curve? Describe the phases of the business cycle. In what ways is the business cycle illustrated in Exhibit 1 like a roller-coaster ride? In what ways is it different? If the economy's macro-equilibrium position generates too high unemployment, what can the government do? What is an investment good? Why are some investment goods unintended? Accepting the absolute income hypothesis, would you expect the MPC in the U.S. economy in 2011 to be higher, lower, or about the same as the MPC in the Haitian 2011 economy? Why? How would it compare to the MPC in the U.S. ...
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