Comparing the after-tax distribution of income to the before-tax distribution of income, it is true that the after-tax distribution of income is ________ the before-tax distribution of income.
A. exactly the same as
B. more equitably distributed than
C. less equally distributed than
D. more equally distributed than
Answer: D
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The "mode" household income is
A) the income that separates households into two equal groups. B) the most common level of household income. C) the mean household income. D) the average household income.
An agreement between two duopolists to function as a monopolist usually breaks down because
a. they cannot agree on the price that a monopolist would charge. b. they cannot agree on the output that a monopolist would produce. c. each duopolist wants a larger share of the market to capture more profit. d. each duopolist wants to charge a higher price than the monopoly price.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers increased from $9 to $13:
A. producer surplus would increase by $4 for Lace Hardware. B. producer surplus would increase only for House Depot. C. producer surplus would increase for each producer. D. producer surplus would remain unchanged for Bob's Hardware.
Which of the following is an example of an expansionary monetary policy?
a. A reduction in government purchases of goods and services b. An increase in the discount rate c. An open market sale of U.S. government securities d. A reduction in the required reserve ratio e. A tax cut