If redistribution is a public bad, rather than a public good, redistributing income to the poor makes others feel that society is:
A. unjust and therefore decreases their utility.
B. more just and therefore decreases their utility.
C. unjust and therefore increases their utility.
D. more just and therefore increases their utility.
Answer: A
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The production function for hamburgers can be written as q = 0.1X + 0.1Y, where X is Canadian ground beef and Y is U.S. beef, both measured in pounds. Which graph in the figure best represents the isoquants for the hamburger production when U.S
ground beef is on the vertical axis and Canadian ground beef is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
Which of the following makes a firm's resources hard to imitate?
a. They don't flow from the firm's unique history b. The link between resources and advantages is difficult to discern c. They aren't socially complex d. All of the above
Suppose that there is an improvement in a country's terms of trade between 2010 and 2011. This improvement means that:
a. it can purchase more imports in 2011, with the same volume of exports as in 2010. b. it can purchase more exports in 2011, with the same volume of exports as in 2010. c. it needs to increase its exports in order to purchase the same volume of imports as in 2011. d. regarding its international trade, it is worse off in 2011 than it was in 2010.
What is moral hazard?
What will be an ideal response?