A good is nonexcludable in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits.
Answer the following statement true (T) or false (F)
True
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In 2010, high-income families (the top 20 percent) in the United States earned approximately ____ percent of the total before-tax income
a. 34 b. 48 c. 62 d. 79
Based on the graph for the Gini Coefficient, a point where the x and y coefficients are equal would represent ______.
a. total income inequality
b. perfect income equality
c. moderate income inequality
d. moderate income equality
What is the total welfare from trade as shown in Exhibit 2?
a. + a
b. + d
c. a + b + c + e + f
d. a + b + c + d + e + f
If perfect competitors are making profits in the short run, then in the long run there will be _____ firms in the industry and market price will _____.
A. fewer; rise B. fewer; fall C. more; rise D. more; fall