Inheritance accounts for about
A. 10 percent of income inequality.
B. 15 percent of income inequality.
C. 5 percent of income inequality.
D. 30 percent of income inequality.
Answer: A
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One of the main sources of comparative advantage is natural resources
Indicate whether the statement is true or false
On Naomi’s pig farm, Naomi hires all the labor used, grows all the grain fed to the pigs, and owns the barn. The costs used to calculate the total cost curve include
A. only the cost of labor. B. only the cost of labor and the cost of grain, which is completely consumed in the period in which it is grown. C. only the variable cost of growing grain. D. the cost of labor, the cost of growing grain, and the opportunity cost of the barn.
Which of the following would cause aggregate demand to shift to the right?
A. Increased income taxes B. Decreased corporate income taxes C. Decreased consumer confidence D. Decreased government spending
Marginal cost pricing for an information product
A. would allow the firm to break even. B. would cause the firm to expand output to increase economic profits. C. would cause the firm to earn economic profits. D. would cause the firm to experience economic losses.