You and your brother are splitting a piece of cake. You cut it into two pieces and your brother selects his piece first. Thus, you cut it into two equally sized pieces. This is an example of
A. a public good.
B. utilitarian justice.
C. Rawlsian justice.
D. communism.
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Metering is
a. A form of indirect price discrimination b. A form of direct price discrimination c. An evaluation of a product d. An example of bundling
The degree to which state defined benefit pensions are underfunded (in present value terms) is
A. $0. B. $12 billion. C. $12 trillion. D. $3 trillion.
Suppose the price of a product is less than its average variable cost. When the firm's fixed obligations are completely ended, it will now most likely
a. make an economic profit b. go out of business c. expand to a bigger operation d. continue to be shut down e. break even