The life-cycle pattern of income variation causes inequality in the distribution of annual income, but it does not necessarily represent
inequality in living standards
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period
Producers in which nation have an incentive to specialize in orange production? A) The U.S. B) Canada C) Both of the above have an incentive to specialize in orange production. D) Neither of the above have an incentive to specialize in orange production.
When the cost of producing a unit of a good decreases as its output rate increases, there are economies of
A) scale. B) scope. C) production. D) size.
According to the text, which of the following factors contributed to the increased labor force participation rate of women during the postwar period?
a. rising real wages b. an increase in the years of schooling completed by women c. declining fertility rates d. the growth of the service sector e. All of the above
_____ is a measure of the total satisfaction derived from consuming a quantity of some good or service
a. Disutility b. Diminishing marginal utility c. Total utility d. Marginal utility e. Ordinal utility