Over the last 50 years, the rich have:
A. become richer, and the poor have become poorer.
B. become richer, and the poor have become richer, too.
C. become relatively poorer, and the poor have become relatively richer.
D. become relatively poorer, and the poor have become relatively poorer, too.
B. become richer, and the poor have become richer, too.
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Differentiate between the coordination problem and the incentive problem
What will be an ideal response?
Because of their higher value of marginal product
A) the demand curve for high-skilled workers lies to the right of the demand curve for low-skilled workers. B) the demand curve for high-skilled workers lies to the left of the demand curve for low-skilled workers. C) the supply curve for high-skilled workers lies to the right of the supply curve for low-skilled workers. D) the demand curve for high-skilled workers lies to the left of the supply curve for low-skilled workers.
A public good is: a. a good or service for which it is relatively easy to exclude nonpaying customers from consumption. b. a good or service that is consumed by both the paying and nonpaying customers
c. any good or service that is produced by the government. d. a good or service that is consumed by private individuals and financed by private contributions.
Use the above table. Adam has 3 apples and 3 oranges. Eve has 2 apples and 2 oranges. Eve asks Adam to give her an apple in exchange for an orange. Should Eve go through with this exchange?
A. No. Adam likes apples more than oranges. B. Yes. She is indifferent between consuming apples and oranges. C. Yes. This way she will have 3 apples, which will give her more total satisfaction. D. No. She gives up more satisfaction than she gets.