Since 1970, the world Gini ratio has ________ indicating that the world distribution of income has ________
A) risen; become more equal
B) fallen; become more equal
C) risen; become less equal
D) not changed; not changed
B
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Monetary policy decisions, such as the target growth rate in the money supply or the target level for interest rates, are set by the
a. president and congress. b. Federal Reserve Board of Governors. c. Shadow Open Market Committee. d. presidents of the Federal Reserve banks. e. Federal Open Market Committee (FOMC).
Which of the following observations is true?
a. In the long run, more costs become variable. b. Fixed costs can be completely varied if the time period is sufficient. c. Fixed costs arise when some types of inputs can be bought only in big batches. d. Variable costs arise when inputs have a large productive capacity.
Melinda considers lattes and coffee to be good substitutes. Suppose the price of milk, a key ingredient used to produce lattes, falls. According to the income effect, which of the following is most likely to occur?
A. Melinda will purchase fewer lattes and more coffee. B. Melinda will purchase more lattes and less coffee. C. Melinda will purchase more of most goods due to her higher real income. D. Melinda's demand curve will decrease (shift in), causing her to purchase fewer lattes.
To find economic profit from accounting profit, it is necessary to
A. add retained earnings. B. add depreciation expense. C. add revenues that the firm can never earn. D. subtract the opportunity cost of capital.