Excludability is the property of a good whereby
a. one person's use diminishes other peoples' use.
b. a person can be prevented from using it.
c. the government rations the quantity of a good that is available.
d. the resource is congestible.
b
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Black market transactions generally increase the deadweight losses created by restrictive government policies
Indicate whether the statement is true or false
Sears and Wal-Mart must decide whether to lower their prices, based on the economic profits shown in the table above. Which of the following is TRUE?
A) This situation is not a prisoners' dilemma. B) If Sears lowers its prices and Wal-Mart does not, Sears will make a $20 million economic profit. C) If Wal-Mart lowers its prices, Sears should keep its prices high. D) Both Sears and Wal-Mart would jointly be better off if they could each keep their prices high.
Perfect income equality is achieved if each population quintile receives what percent of income?
a. 20 percent b. 10 percent c. 75 percent d. 50 percent e. 100 percent
The World Bank defines severe poverty as
A. An income level of less than $3.10 per person per day. B. An income level that does not allow an individual to buy basic necessities. C. An income level of less than $1.25 per person per day. D. An extreme lack of food.