If income were equally distributed among households,
a. each household's relative share of income would increase.
b. each household's relative share of income would decrease.
c. the top fifth of households would have 50 percent of the income.
d. 50 percent of the households would receive exactly 50 percent of the income.
d
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In economics, the difference between a firm's revenues and its costs is referred to as
A) factor payments. B) profit. C) physical capital. D) capital gains.
Only one of the following statements is correct. The statements compare perfectly competitive (PC) markets and monopolistically competitive (MC) markets. Which statement is correct?
A) Productive efficiency is achieved in both PC and MC markets. Allocative efficiency is achieved only in MC markets. B) Allocative efficiency is achieved only in PC markets. Productive efficiency is achieved only in MC markets. C) Productive efficiency and allocative efficiency are both achieved in PC markets. Neither is achieved in MC markets. D) Allocative efficiency is achieved in both PC and MC markets. Productive efficiency is achieved only in PC markets.
If the First National Bank has a gap equal to a negative $30 million, then a 5 percentage point increase in interest rates will cause profits to
A) increase by $15 million. B) increase by $1.5 million. C) decline by $15 million. D) decline by $1.5 million.
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. If Charlie knows Joe always throws scissors, what is Charlie's best response?
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A. Rock
B. Paper
C. Scissors
D. The answer cannot be determined from the information given.