U.S. income data over the last 75 years suggests that the distribution of income
a. has gradually become more equal over the entire time period.
b. has gradually become less equal over the entire time period.
c. gradually became less equal until about 1970, then became more equal from 1970 to 2011.
d. gradually became more equal until about 1970, then became less equal from 1970 to 2011.
d
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Because efficiency wage theory deals with the consequences of a change in a firm's ________ wage, if all wages were indexed to nominal aggregate demand the theory would be ________
A) absolute, even more appropriate B) absolute, rendered inappropriate C) relative, even more appropriate D) relative, rendered inappropriate
Pricing to Competition When ShorTech introduced its Quadrant mobile phone, it had few competitors and so it set a price of $500 when its unit cost was $350 . The economics consulting firm it hired to estimate the demand elasticity confirmed this was the
optimal price. Since then, entry has occurred that make customers more price conscious. When it rehired the economics consulting firm to estimate the demand elasticity, it found that demand had become more elastic at -4 . Also, it eked out cost savings and now has a unit cost of $300 . What price should ShorTech charge now?
An investor who sees through irrational optimism of a market could:
A. earn a profit by betting against what everyone else is doing. B. follow the lead of what most are doing, and earn consistent profits. C. earn a profit by being a "leader" among the "herd." D. be overwhelmed by market optimism and simply do what everyone else is doing.
Foreign investment in developing countries is limited for all of the following reasons except:
A. domestic saving in developing countries is too limited. B. developing countries try to control the nature of foreign investment in order to obtain greater benefits from it. C. developing countries lack the infrastructure necessary to attract foreign investment. D. it is often viewed in developing countries as exploitive.