It has been found that
a. less-developed countries have more equality of income distribution.
b. more-developed countries have more equality of income distribution.
c. only prior communist countries have more equality of income distribution.
d. income distribution cannot be measured among countries with different political and economic systems.
b
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The point price elasticity of demand is -1/2. The price of the product increases from $1.00 to $1.10. Given the information in Scenario 4.3, the quantity demanded will decrease by approximately:
A) 5 units. B) 5 percent. C) 10 units. D) 10 percent. E) none of the above
A marketplace where savers and borrowers can exchange funds directly is called a _____
a. bond market b. financial market c. stock market d. loanable funds market
In the long run, if the Fed increases the growth rate of the money supply,
a. inflation will be higher. b. unemployment will be lower. c. real GDP will be higher. d. All of the above are correct.
You are in the market for a used 2013 Honda Accord. You know that half of the 2013 Accords are lemons and half are peaches. If you could be assured that the Accord you were buying was a peach, you would be willing to pay up to $10,000. On the other hand, you would only be willing to pay $2,000 for a lemon. You have no ability to discern whether any particular Accord is a lemon or a peach. Sellers of Accords, on the other hand, are likely to know whether their particular car is a lemon or a peach. Suppose sellers of lemons will sell their cars for $1,500 or more and peach sellers will be willing to sell their cars for $8,500 or more. Over time the price in the market for 2013 Accords will ________ and ________ will be traded.
A. be between $1,500 and $2,000 for lemons; only lemons B. be between $8,500 and $10,000; only peaches C. be between $1,500 and $10,000; both lemons and peaches D. be between $8,500 and $10,000 for peaches and between $1,500 and $2,000 for lemons; both lemons and peaches