The best measure of the income households actually have available to spend is
A) national income. B) disposable personal income.
C) personal income. D) net national income.
B
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A perfectly straight Lorenz curve would mean:
A. perfect inequality, and it does not exist in the real world. B. perfect equality, and it does not exist in the real world. C. perfect equality, and is more common among the wealthy, developed nations. D. perfect inequality, and is more common among the developing nations.
In command-and-control regulation, _____
a. a one-size-fits-all regulation achieves an efficient outcome that maximizes net social welfare b. policies are flexible in nature c. policies provide incentives to figure out ways to reduce externalities d. policies are intended to alleviate the social costs of externalities
If a consumer purchases more of good B when his income rises, good B is an inferior good
a. True b. False Indicate whether the statement is true or false
A simultaneous increase in both the demand for MP3 players and the supply of MP3 players would imply that
a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased. b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased. c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased. d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.