Compared to a sampling of other developed nations, the U.S. income distribution is more unequal than many others. What accounts for this?
A. Other nations manipulate their data to look better.
B. The lowest-income families in the United States earn much less than the lowest-income households in other nations.
C. The highest-income families in the United States earn much more than the highest-income households in other nations.
D. Marginal income tax rates are much higher in the United States than in any other nation.
Answer: C
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Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, ________ has an absolute advantage in selling cars and ________ has an absolute advantage in selling trucks.
A. Joe; Joe B. Ralph; Larry C. Larry; Joe D. Larry; Ralph
Which of the following observations concerning price discrimination is true?
A. It only occurs in monopolies. B. It is easier for a monopolist than for a firm that is affected by competition. C. It means that sales to all customers are equally profitable. D. It is considered as a bad business practice under all circumstance.
In economics, "investment" refers only to the creation of new capital.
Answer the following statement true (T) or false (F)
Refer to Figure 13-13. What is the area that represents the firm's profit?
A) profit = 0 B) P3baP2 C) P4edP2 D) P4eaP1