The most widely used measure of income inequality is
A) the Bureau of Labor Statistics' cost-of-living index.
B) the Laffer curve.
C) the Lorenz curve.
D) the Gemini coefficient.
C
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If property rights are not clearly defined and enforced, then
A) incentives for specialization based on comparative advantage are weakened. B) some potential gains from specialization and trade are lost. C) resources are devoted to protecting possessions rather than to production. D) All of the above answers are correct.
An oligopolist differs from a perfect competitor in that
A) the market demand curve for a perfectly competitive industry is perfectly elastic but it is downward-sloping in an oligopolistic industry. B) there is cutthroat competition in perfect competition but little competition in oligopoly because firms have significant market power. C) there are no entry barriers in perfect competition but there are entry barriers in oligopoly. D) firms in an oligopoly do not produce homogeneous products while firms in perfect competition do.
Which of the following was an argument for using fiscal policy in situations like the Great Recession?
a. Congress can act quickly. b. The size of a recessionary gap may require the use of both fiscal and monetary policy. c. Once the federal funds rate is reduced to zero, monetary policy is less effective. d. all of the above
Which of the following reflects the incentive structure confronted by a typical firm in a cartel?
a. If I alone cheat, I'm better off; if everyone cheats, I'm worse off. b. I can never do better for myself than by following agreed-upon cartel policies. c. If everyone cheats, I'm better off and so is everyone else in the cartel. d. If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.