If income were distributed equally our economic _________ would suffer.
Fill in the blank(s) with the appropriate word(s).
efficiency or incentives
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According to the text, the probability of an unemployed person finding a job doubles when
A) his unemployment benefits expire. B) the economy enters a recessionary phase. C) his unemployment benefits are extended. D) he is threatened with arrest.
What occurs when a price changes and consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price?
a. Budget constraint b. Consumer equilibrium c. Substitution effect d. Income effect
Which of the following is considered to be a fixed cost of operating an automobile?
a. Gasoline b. Tires c. Registration fees d. Maintenance e. Oil change
The definition of economic profit is
A. total revenues less fixed costs. B. the difference between receipts from sales and cost of materials. C. what is left over after all opportunity costs have been met including interest forgone. D. gross profit less selling and operating expenses.