Regarding income distribution and the distribution of wealth
A. wealth is a stock concept and income a flow concept.
B. income, a flow, can be viewed as a return on wealth.
C. a stock is evaluated at a given moment in time; a flow is evaluated during a period of time.
D. All of these are correct.
Answer: D
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Export promotion is widely regarding by economists as a positive role for government policy makers to play because it is very effective at promoting economic growth
Indicate whether the statement is true or false
If two goods were to become even stronger substitutes than before, an economist would expect the cross elasticity to become:
a. positive. b. one. c. zero. d. smaller. e. larger.
Let's use the example from the text: The Nick Rudd Ice Company is a monopoly. Its goal, then, is to
a. hire as many workers as possible b. maximize profit c. produce as much as possible to capture market share d. produce where marginal cost equals price e. charge the highest price possible
In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________
A) of 100 percent; 20 percent B) above 50 percent; less than 1.5 percent C) of less than 10 percent; over 40 percent D) of 17 percent; 33 percent