All of the following contribute to income inequality EXCEPT
A) differences in education and training.
B) differences in job tastes.
C) differences in talent.
D) government transfer programs.
Answer: D
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Property rights connect effort with reward
Indicate whether the statement is true or false
A market economy benefits from market power
A) if firms with market power do research and development with the profits earned. B) if market power gets so bad the government creates public enterprises. C) if the majority of the population are entrepreneurs. D) under no circumstances.
Natural monopolies:
A. are the only monopolies that are efficient. B. can capture the lowest production costs possible for the industry. C. are always protected by government policy. D. generally earn zero accounting profits due to regulations.
When externalities are present, reaching an efficient outcome is especially difficult when the number of interested parties is large
a. True b. False Indicate whether the statement is true or false