Convergence of the income gap has been most dramatic between
A) Hong Kong and the United States.
B) the Central European countries and the United States.
C) Africa and the United States.
D) South America and the United States.
A
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Overproduction compared to the efficient amount implies that for the last unit produced
A) marginal social benefit exceeds marginal social cost. B) marginal social benefit equals marginal social cost. C) marginal social cost exceeds marginal social benefit. D) the deadweight loss is zero.
A classless society and economic system where all the factors of production are owned by workers and people share production according to their needs describes:
a. capitalism. b. communism. c. the invisible hand. d. a mixed economy.
The figure below shows the market for computers in a small importing country. Dd and Sd are the domestic demand and supply curves of computers, respectively.
The imposition of a tariff on computers caused economic well-being in the country to ________ by
A. fall; $6 million. B. rise; $34 million. C. fall; $34 million. D. fall; $4 million.
Refer to the information provided in Table 13.3 below to answer the question(s) that follow. Table 13.3Price ($)Quantity4.001003.502003.003002.504002.005001.506001.00700Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the most the monopoly would expend in rent-seeking activity?
A. $300 B. $600 C. $900 D. $1,000