Income inequalities are greatest in
A. Poor countries such as Namibia.
B. Developed countries such as Japan.
C. Rich countries such as the United States.
D. Countries with high levels of GDP.
Answer: A
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In a properly functioning economy, money costs approximate opportunity costs.
Answer the following statement true (T) or false (F)
The data in the table above give two points on the demand curve for pizza. Using the midpoint method, when the price of a pizza falls from $10 to $9, what is the price elasticity of demand?
A) 0.5 B) 0.6 C) 0.9 D) 2.1 E) 8.6
The cost of producing aspirin increases simultaneously as doctors find that one aspirin per day reduces the risk of heart attacks. The supply of aspirin ________ and the demand for aspirin ________ so that the equilibrium price of aspirin ________
A) increases; increases; rises B) decreases; increases; rises C) increases; decreases; might rise, fall, or stay the same D) decreases; increases; might rise, fall, or stay the same
Lizzie's budget line is shown in the figure above. The relative price of a cookie is ________ per cookie
A) 2 magazines B) 0.5 of a magazine C) $1 D) $2