Since 2001, the Gini coefficient
a. has shown little variation.
b. has dropped substantially.
c. has doubled.
d. has shown greater income equality.
a. has shown little variation.
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Given the information in the figure above, Liz has a comparative advantage in ________ because ________
A) smoothies; her opportunity cost of producing smoothies is lower than Joe's B) salads; her opportunity cost of producing salads is lower than Joe's C) smoothies; she can produce more smoothies per hour than Joe can D) salads; she can produce more salads per hour than Joe can E) both goods; she can produce more of both goods per hour than Joe can
An increase in the price of jet fuel will ________ airline travel and the equilibrium quantity of airline travel will ________
A) decrease the supply of; decrease B) increase the demand for; increase C) decrease the supply of; increase D) decrease the demand for; decrease
Demand is given by QD = 620 - 10•P and supply is given by QS = 100 + 3•P. What is the price and quantity when the market is in equilibrium?
a. The price will be $30 and the quantity will be 132 units. b. The price will be $11 and the quantity will be 122 units. c. The price will be $40 and the quantity will be 220 units. d. The price will be $35 and the quantity will be 137 units e. The price will be $10 and the quantity will be 420 units.
In a Cournot equilibrium, each firm chooses an output level that
a. maximizes joint profits. b. maximizes the price received. c. maximizes profits given what the other firm produces. d. maximizes revenue given what the other firm produces.