In the figure above, income
A) is most equally distributed in country A.
B) is most equally distributed in country B.
C) is most equally distributed in country C.
D) is equally distributed in all three countries.
A
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Megan is trying to decide whether to buy house insurance for her home in Miami. Her house is worth $200,000 and analysts have determined that the average loss from a Hurricane could be $45,000. They have also determined there is a 50 percent chance that she will face a hurricane. Suppose Megan is a risk averse person with a utility-of-income function such as the one given below. If the policy costs $22,500, Megan will 
A. be indifferent between buying or not buying the insurance. B. not buy the insurance. C. buy the insurance. D. we can't say.
Workers in country A receive an increase in wages of 10 percent at the same time the inflation rate in country A is 8 percent. Workers in country B receive an increase in wages of 3 percent and the inflation rate in country B is 1 percent. In which country are workers better off?
A. Country A because their real wages rise by 18 percent. B. Country A because their real wages rise by 10 percent. C. Country B because the inflation rate is lower. D. Neither country because the increase in real wages is the same.
Economists suggest that a market can fail if
A. no market for the product exists. B. governments dictate prices. C. producers get smaller profits than they desire. D. consumers have to pay more than they want to.
