A reduction in the redistribution of income:
A. Lowers the poverty rate for people
B. Raises people's standard of living
C. Results in more income inequality
D. Results in less income inequality
C. Results in more income inequality
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Why did high fertility of the early population occur, according to Hughes and Cain (2011)?
(a) More than half of the population were at ages where fertility is high—in 1820, for example, the median American was less than 17 years old. (b) A nation composed mainly of farmers and people planning to farm had every reason to create large families. (c) Children can be considered investment goods and the rate of return on a child born to a farm family was relatively high. (d) High fertility occurred due to all of the above reasons.
Pharmaceutical companies receive patents as an exclusive right to produce a drug. This results in:
a. orphan drug status. b. monopoly rights in the production of the drug. c. normal profits on the patented drug. d. fewer new chemical compounds discovered. e. lower prices for patients requiring the drug.
Mainstream economists support
A. elimination of efficiency wages and insider-outsider relationships. B. the use of fiscal policy for achieving major economic goals. C. adoption of a monetary rule for increases in the money supply. D. the requirement that the government annually balance its budget.
Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank. B) the value of all of the alternatives sacrificed. C) the value of the next-highest-ranked alternative. D) There is no real definition for opportunity cost.