The United States is the most inequitable country in the developed world
Indicate whether the statement is true or false
False. Efficiency means how many goods to produce, and equity means how the goods are allocated. They do not move in opposite directions. Even if one might say that the United States is the most efficient country in the developed world, it does not mean that the U.S. is also the most inequitable country.
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Consumers in Beachland consume only two goods, sodas and DVDs. If they spend $10 on sodas and $90 on DVDs a month, how many sodas and DVDs are in their CPI market basket if the price of a soda is $1 and the price of a DVD is $9?
A) 9 sodas and 1 DVD B) 1 soda and 9 DVDs C) 10 sodas and 9 DVDs D) 10 sodas and 10 DVDs E) It is impossible to determine the market basket without information on the quantity of at least one of the two goods consumed.
Market power is illegal
A) True, no one is allowed to charge a price greater than marginal cost. B) False. C) True, no one is allowed to charge a price greater than average cost. D) False, because market power guarantees price equal to average cost.
Alternative Outputs from One Day of Labor Wheat (in bushels) Textiles (in yards) United States 12 3 Great Britain 3 12 According to the table above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to Great Britain. e. none of the above
Most economists believe that the Consumer Price Index (CPI) overstates the actual changes in prices while the chain index for GDP understates them.
Answer the following statement true (T) or false (F)