(Consider This) The main focus of the vignette "Slicing the Pizza" is the:
A. equality-efficiency trade-off.
B. principal-agent problem.
C. impact of market power on economic efficiency.
D. the highly unequal distribution of U.S. wealth.
Answer: A
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You are better off choosing $400 in 4 years rather than $300 today if the interest rate is
a. lower than about 5.5 percent. b. higher than about 5.5 percent. c. lower than about 7.5 percent. d. higher than about 7.5 percent.
Horizontal equity is a difficult concept to implement because
A. it is difficult to determine how unequally unequals should be treated. B. it is difficult to measure ability to pay. C. it is difficult to determine which people are equally situated. D. people object to the use of absolute tax liability instead of percentage of income.
An increase in an economy's productive resources will lead the production possibilities curve to:
A. shift inward. B. stay the same. C. shift outward. D. become flatter.
The firm's shutdown point is
A. at point J.
B. at point K.
C. between points J and K.
D. above point K.