Surveys have found that ____________ are the strongest proponents of placing limits on imports.
a. unskilled workers
b. farmers
c. skilled workers
d. college professors
Ans: a. unskilled workers
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Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ________ contributes to economic well-being, but is excluded from real GDP.
A. services B. capital goods C. formal education D. leisure
The _________ bowed inward the Lorenz curve is, the __________ inequality exists.
A. less; more B. more; less C. more; more D. None of these is true.
The real-income effect is typically small because
A) the change in price of one particular item has little effect on total purchasing power. B) income has no relation to consumption. C) price changes tend to balance out over time. D) real-incomes are always rising.
In order for insurance companies to generate predictable payout, they need to:
A. spread the risk across many policies. B. accept policyholders from a very specific geographic area. C. offer only life insurance. D. focus on insuring only specific events, for example only fire.