In the United States, the distribution of wealth
A. is the same as the distribution of income.
B. is equal for all families.
C. is more equal than the distribution of income.
D. is more unequal than the distribution of income.
Answer: D
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The demand curve for most goods is normally:
A) parallel to the vertical axis. B) parallel to the horizontal axis. C) upward sloping. D) downward sloping.
Suppose chickens and beef cattle are produced by different companies on different sites
If bad weather causes an increase in the price of hay, a food eaten by beef cattle but not by chickens, the equilibrium price of beef will ________, and the equilibrium price of chicken will ________. A) stay the same; increase B) increase; decrease C) decrease; increase D) increase; increase E) decrease; decrease
An example of a factor of production is
A) a bottle of wine produced by a vineyard. B) the wine exported by a vineyard. C) a vintner hired by a vineyard. D) a loan granted to a vineyard.
Under monopsony, the marginal factor cost of a worker is equal to
A) the additional worker's wage rate only. B) the additional worker's wage rate plus the increase in the wages of all other existing workers. C) the increase in the wages of all other existing workers. D) the difference between the worker's wage rate and the lower wage rate received by workers who have already been hired.