In constructing the Human Development Index, high income levels are given less than proportionate weight because
a. Items bought by rich people are luxuries, not necessities.
b. United Nations bureaucrats are prejudiced against the rich.
c. Dollars received by rich people may have a lower marginal utility than dollars received by poor people.
d. Items bought by rich people create more pollution than those bought by the poor.
e. All of the above are valid reasons.
C
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Refer to Table 20-16. Looking at the table above, real wages ________ from 2014 to 2015, and real wages ________ from 2015 to 2016
A) rose; fell B) fell; fell C) fell; rose D) rose; rose
By 1860, the U.S
(a) had achieved an equal distribution of income and wealth. (b) had experienced growth in both agriculture and manufacturing, but growth in manufacturing had begun to outpace agriculture. (c) land had become the primary income-earning asset. (d) experienced a slowdown in urbanization and rapid expansion in agriculture at the expense of manufacturing.
Assume a one year U.S. bond pays 4.0% interest and a similar U.K. bond pays 5.2% interest. Which of the following changes will establish interest rate parity?
a. The British pound would be expected to appreciate by 1.2% against the U.S. dollar. b. The U.S. dollar would be expected to depreciate by 1.2% against the British pound. c. The British pound would be expected to depreciate by 1.2% against the U.S. dollar. d. The British pound would be expected to appreciate by 9.2% against the U.S. dollar. e. The U.S. dollar would be expected to appreciate by 9.2% against the British pound.
The apparent stickiness of the price of goods sold by oligopolists can be explained by the
a. contestable markets model. b. sales maximization model. c. kinked demand curve model. d. entry deterrence model.