Evidence suggests that income inequality in China is
A. increasing relatively rapidly.
B. decreasing relatively slowly.
C. decreasing relatively rapidly.
D. increasing relatively slowly.
Answer: A
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Which of the following cannot be classified as a market structure?
a. Oligopoly b. Monopolistic Competition c. Mergers d. Perfect Competition
According to Adam Smith, the "invisible hand" refers to which of the following?
a. The "best interests of society (public interest) will occur as an outcome of the market process coordinating the self-interested interactions of buyers and sellers (private interest). b. Government interference is the invisible hand of inefficiency. c. Bribes and graft is the invisible hand of inefficiency. d. The "best interests of society" will occur as an outcome of careful guidance by government authorities in allocating scarce goods and services.
Lack of access to sanitation and inadequate medical care have a negative impact on the development of human capital.
Answer the following statement true (T) or false (F)
In the market in Figure 15.1:
A. social benefits are greater than private benefits. B. the quantity provided by the market is greater than efficient. C. when left alone, the market produces the socially optimum quantity. D. All of these