True or failed sales taxes are the same no mattter where you live

What does the Lorenz Curve illustrate about the economy?

Alex_Xolod [135]

Answer:

Lorenz curve can be understood as a graphical representation of distribution of wealth or income among the population in a given economy.

Explanation:

Lorenz Curve was proposed by Max O. Lorenz in the year 1905 to represent inequality in the distribution of income among the given population. This curve illustrates that the distribution of wealth is not equal, where one section of the population has all the wealth or income of the economy and the other section of the population is left with none. Whereas in the case of perfect equality, each section of the population should receive an equal amount of wealth of the economy. This means that N% of the society should always have N% of income and not more and not less than that. Thus, this situation is hypothetical and thus, the idea of the Lorenz Curve comes into consideration.

6 0

3 years ago

5. Name the three factors of production and two payment types in the circular flow model.

zhannawk [14.2K]

Hi sweetie! Hope i can help!

Answer:

Land, labor, and capital

Wishing you the best of luck,
Izzy

4 0

3 years ago

Question 13 of 20

Mekhanik [1.2K]

Answer:

The answer is (A)

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6 0

3 years ago

Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired b

gavmur [86]

Answer:

$15

Explanation:

Accounting profit is calculated as revenue less total cost.

Accounting profit = Revenue - Cost

$20 - $5 = $15

An accountant calculates accounting profit.

3 0

3 years ago

On January 1, 2018, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truc

Norma-Jean [14]

Answer:

option (D) loss, $3,000

Explanation:

Given:

price of the truck = $48,000

estimated residual value = $8,000

Exchange price of the truck = $60,000

Trade allowance = $35,000

Since, straight line depreciation is given, thus,

Total depreciation = $\frac{\textup{48,000−8,000}}{\textup{8}}$

or

Total depreciation = $5,000 per year

Therefore,

the book value after two years

= Price of truck - total depreciation in two years

or

= $48,000 − ($5,000 × 2 years)

= $38,000

Now,

a trade allowance received ( i.e $35,000 ) is less than the book value

therefore a loss is recorded

The amount of loss = (Book value - trade allowance received)

or

The amount of loss = $38,000 - $35,000 = $3,000

Hence, correct answer is option (D) loss, $3,000

5 0

3 years ago