Making the distribution of wealth ________ equal is ________
A) more; differences in degrees of specialization
B) less; differences in degrees of specialization
C) more; assortative mating
D) less; assortative mating
D
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The above figure shows the cost curves for a competitive firm. If the market price is $15 per unit, the firm will earn profits of
A) $0. B) $4. C) $40. D) $160.
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves practices two-part pricing and charges the profit-maximizing membership fee and entrance fee, what is the profit per consumer?
A) $50 B) $500 C) $200 D) $400
Which economic question does the decision to produce butter instead of guns answer?
a. What to produce? b. How to produce? c. For whom to produce? d. Who has a comparative advantage in gun production? e. Who has an absolute advantage in butter production?
Which of the following is an automatic stabilizer?
a. Unemployment insurance b. Government spending c. Net taxes d. The interest rate e. The minimum wage set by the government