In terms of the competing claims of equality and efficiency, in the United States we have
A. chosen greater wage inequality for lower unemployment.
B. chosen higher unemployment for less wage inequality.
C. both greater wage inequality and higher unemployment.
D. not faced a trade-off between wage inequality and unemployment.
E. been able to choose both less wage inequality and lower unemployment.
Answer: A
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The price of a cowboy hat is $100. Willie is willing to pay $130, Waylon is willing to pay $100, and Merle is willing to pay $85. All of the following statements are true EXCEPT:
A) Merle's consumer surplus is $15. B) The sum of consumer surplus will be $30. C) Waylon's consumer surplus is $0. D) Only Willie and Waylon will purchase the cowboy hat. E) Willie's consumer surplus is $30.
Suppose a single firm has constant marginal cost and faced the demand curve 
a. Illustrate in this graph how a monopolist who cannot price discriminate would price this good. What is the monopoly price and quantity?
b. Suppose two firms with the same marginal cost as the monopolist operated in this market instead. Suppose quantity is the strategic variable and the two firms simultaneously choose quantity. On a graph with firm 1's output on the horizontal and firm 2's output on the vertical, illustrate firm 2's best response function with numerical labels for each intercept. c. Add firm 1's best response function and determine the Nash equilibrium quantities. d. What's the equilibrium price resulting from the quantities you determined in (c)? e. What would be the equilibrium price if the strategic variable for the firms were price instead? What will be an ideal response?
Tariff rates on products imported into the U.S
A) have dropped substantially over the past 50 years. B) were prohibited by the Constitution. C) reached an all time high in 2002. D) have risen steadily since 1920. E) were the government's main source of income in 2006.
The average person is more likely to make a mistake choosing ___________ than what to have for dinner due to the complex nature of the topic.
A. how to save for retirement B. which college to attend C. which type of health plan to choose D. All of these statements are true.