Refer to Figure 18-4. Rank the above panels in terms of most unequal income distribution to least unequal income distribution
A) Panel C, Panel B, Panel A B) Panel B, Panel C, Panel A
C) Panel A, Panel B, Panel C D) Panel A, Panel C, Panel B
B
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Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.
An example of a poverty trap is:
A. the malnourished not having enough energy to develop their economy. B. the uneducated leaving the home country for more opportunities. C. those not having basic immunizations dying more from rare diseases. D. All of these are examples of poverty traps.
The state can expropriate the profits from innovation through legal means.
a. true b. false
Refer to the above figure. If the government imposes a price ceiling of $60
A. the quantity traded will be 150, and the price will be $60. B. the quantity traded will be 150, and the price will be $40. C. the quantity traded will be 100, and the price will be $60. D. the quantity traded will be 200, and the price will be $60.