The experience of the HPAEs has brought attention to predictions about income inequality made by Kuznets. He predicted that at first income inequality would ________ as economies began to develop. In the HPAEs experience it ________
A) rise; rose
B) decrease; decreased
C) rise; fell
D) fall; rose
E) There was no pattern.
C
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Which of the following is likely to be the least important factor for firms in determining production location?
A. Costs of environmental protection standards B. Transportation costs C. External economies of scale D. Comparative cost advantage
The production possibilities curve represents the maximum feasible production combinations resulting from
A. a fixed amount of demand by consumers. B. the mix of current resources that utilizes all available inputs using current technology. C. the lack of trade-offs in production. D. the lack of technology used in production.
Refer to the graph below. At equilibrium, the producer surplus would be represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. b
B. b + c
C. a + b
D. b + c + d
Appendix: Research suggests that an auction for a private value item will yield the HIGHEST payout if:
a. we use a Dutch auction b. we use an English auction c. we use only cash, and not allow credit cards d. use a fixed price