The price mechanism deals _____ with the issue of an equitable income distribution and ____ with the issue of efficiency.
A. well; well
B. poorly; poorly
C. well; poorly
D. poorly; well
D. poorly; well
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How were Smith, Ricardo, Malthus and Marx, in their own ways, pessimistic about long-term development?
What will be an ideal response?
Empirical estimates indicate that the annual welfare cost of monopoly in the United States
a. ranges from less than 1 percent to 5 percent of national income b. ranges from 10 percent to 20 percent of national income c. is approximately 10 percent of national income d. is approximately $1 billion e. is approximately $1 trillion
Statistical studies in the United States have reached the conclusion that for most workers the response of labor supply to wage changes is
A. quite strong. B. not very strong. C. inverted. D. always zero.
Suppose an airline ticket from Portland to Orlando costs $760 . A bus ticket costs $360 . Traveling by plane will take 6 hours, compared with 26 hours by bus. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be
a. $18 per hour. b. $20 per hour. c. $38 per hour. d. $44 per hour.