Marxists believe that poverty and income inequality arise fundamentally from
a. labor market discrimination
b. unequal distribution of skills in the population
c. unequal distribution of property
d. too high a rate of population growth
e. unequal access to education
C
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What phrase do economists use to describe the assumption that everything else about a situation stays the same, allowing only one variable, such as price, to change?
A. Caveat emptor B. Vini, vidi, vici C. Ceteris paribus D. E pluribus unum
If a production possibility frontier is a straight line, it tells us that the opportunity cost of producing one more unit of good X is:
A) an increasing amount of good Y. B) a decreasing amount of good Y. C) equal to the inverse of the amount of good Y. D) a constant amount of good Y
According to this Application, one strategy proposed to deal with the rising expenses of government entitlement programs is for the government to save and invest now so as to reduce the burden on future generations. This strategy would
A) not change GDP, but shrink entitlement programs. B) increase GDP and eliminate entitlement programs. C) increase GDP, and entitlement programs would increase along with GDP. D) increase GDP and entitlement programs would decrease.
A marginal adjustment only refers to a minor change
a. True b. False