The U.S. Gini coefficient shows that income inequality
a. increased steadily over the last four decades
b. remained fairly constant in the 1970s, and then increased steadily through the 1980s and 1990s
c. increased gradually over the period 1947–1968, and then declined steadily through the 1990s
d. has changed little over the last four decades
e. has declined in relation to other developed economies
B
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If Spain is capable of producing either tapas or soccer balls or some combination of those two products, then Spain should:
A. produce the good it has an absolute advantage in producing. B. produce the good it has a comparative advantage in producing. C. remain self-sufficient if it can produce both efficiently. D. trade only if it possesses the absolute advantage in the production of both goods.
The tuition you paid at the beginning of the term is a sunk cost, when determining the opportunity cost of attending a session of the class
a. True b. False Indicate whether the statement is true or false
The oligopoly price will be greater than marginal cost but less than the monopoly price when
a. the oligopolists collude by jointly choosing a quantity to produce and maintaining their agreement. b. the oligopolists collude by jointly choosing a price to charge and maintaining their agreement. c. each oligopolist individually chooses a quantity to produce to maximize profit. d. each oligopolist's objective is minimization of average total cost, rather than maximization of profit.
Which of the following events would produce an upward shift in the consumption function, other things being equal?
A. an increase in consumer wealth B. a decrease in consumer wealth C. a decrease in autonomous consumption D. an increase in the price level