Since 1970, the share of income going to the richest fifth of the population in the U.S. has
a. diminished.
b. grown.
c. remained unchanged.
b
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New residential housing is counted in GDP as a(n)
a. durable consumption good b. household durable good c. investment good d. inventory expansion e. long-term durable good
In which one of the following situations is the political process most likely to result in both the acceptance of efficient (productive) programs and the rejection of inefficient (counterproductive) political activities?
a. The people who benefit from a government program pay the costs of the program roughly in proportion to the benefits that each receives. b. The benefits are highly concentrated, and the costs are widespread among voters. c. The costs are highly concentrated, and the benefits are widespread among voters. d. The benefits accrue primarily in the future, while the costs are more visible during the current period.
Explain how firms' production functions and cost curves will change as science and technology advance and as the knowledge of how to organize and manage resources improves.
What will be an ideal response?
Firms are making profits in an increasing-cost industry. Which of the following statements describes what will happen in the long run?
A. More firms will enter this industry, causing the industry supply schedule to shift to the right and the LRAC curve facing firms to shift up. B. Firms will exit this industry, causing the industry supply schedule to shift to the right and the LRAC curve to shift down. C. More firms will enter this industry, causing the industry supply schedule to shift to the right and the LRAC curve facing firms to shift down. D. Firms will exit this industry, causing the industry supply schedule to shift to the left and the LRAC curve to shift down.