Of the following countries, which has the highest level of inequality with respect to disposable income?
A. Chile
B. Spain
C. Norway
D. Germany
Answer: A
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Which of these is NOT a potential benefit provided by monopolies?
a. more variety of creative works such as movies and books b. greater incentives to develop new technologies and medical cures c. increased consumer surplus as a result of a smaller scale of operations d. lower prices in industries with very large economies of scale
The government imposes a sales tax on hot dogs. The tax would be paid entirely by hot dog sellers if the
A) supply is perfectly elastic. B) supply is perfectly inelastic. C) demand is perfectly inelastic. D) none of the above.
Suppose that Congress allocates $1 billion to clean up after hurricanes in 2016. It also raises taxes by $1 billion to keep the deficit from growing. If the marginal propensity to consume is 0.9, what is the effect on equilibrium GDP?
A) GDP increases by $900,000. B) GDP increases by $10 billion. C) GDP increases by $1 billion. D) GDP does not change.
Diversification refers to the
A) splitting of wealth into many assets. B) difference between the liquidity of an asset and its risk. C) difficulty of converting investments in common stocks into investments in bonds. D) difficulty of selling common stocks in a weak market.