Higher standards of living are the result of
A) an increase in the availability of goods and services that people value.
B) an increase in the general level of prices.
C) trade restrictions that favor domestic industries over foreign competition.
D) government subsidies that expand employment.
A) an increase in the availability of goods and services that people value.
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In which countries are incomes distributed most unequally and least unequally?
What will be an ideal response?
Assume that an economy is in equilibrium when technological progress causes an increase in total factor productivity
Once the economy has adjusted to its new equilibrium, and assuming that the supplies of capital and labor remain unchanged, which of the following has increased? A) the real wage B) the share of capital income in national income C) the share of labor income in national income D) all of the above E) none of the above
A profit-maximizing monopolist will receive zero profits when
A. the average total cost curve lies above the demand curve for all possible rates of output. B. marginal revenue, marginal cost, and average total cost are all equal. C. the average total cost curve is tangent to the demand curve at the profit maximizing price. D. a second firm enters the industry.
Between the first quarter of 2000 and the first quarter of 2006, the value of housing wealth
A. decreased by about $7 trillion. B. increased by about $500 billion. C. decreased by about $600 billion. D. increased by about $13 trillion.