The case for income inequality is supported by which of the following arguments?
a. personal misfortune is a random event
b. Lerner's maximum utility argument
c. economic efficiency
d. Marx's position that private property is theft
e. the Chinese divide-and-choose method of property division
C
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If the purchasing power of a dollar is greater than the purchasing power of the yen, purchasing power parity would predict that
A) in the short run, interest rates will move to equalize the purchasing power of the dollar and the yen. B) in the long run, exchange rates will move to equalize the purchasing power of the dollar and the yen. C) in the short run, exchange rates will move to equalize the purchasing power of the dollar and the yen. D) in the long run, interest rates will move to equalize the purchasing power of the dollar and the yen.
According to the modern expectational Phillips curve, unemployment will temporarily fall below the natural rate of unemployment when
a. any inflation is present. b. inflation turns out to be lower than what people expected. c. inflation turns out to be higher than what people expected. d. inflation turns out to be equal to what people expected.
The wage gap between skilled and unskilled worker has
a. risen; some economists argue that this is partly due to increased international trade. b. risen; some economists argue that this is partly due to decreased international trade. c. fallen; some economists argue that this is partly due to increased international trade. d. fallen; some economists argue that this is partly due to decreased international trade.
The figure above shows a preference map for Sarah, who likes hamburgers and milk shakes
a) Which two combinations contain the same amount of hamburgers but different quantities of shakes? b) Which combination(s) does Sarah most prefer? Why? c) Which combination(s) does Sarah least prefer? Why? d) Between which combinations is Sarah indifferent? Why?