Major macroeconomic questions include all of the following EXCEPT:
A. Can inflation be reduced without generating additional unemployment?
B. Are free trade agreements beneficial?
C. How do monopoly firms set prices and determine quantities to produce?
D. What causes slowdowns in productivity growth?
Answer: C
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Adam makes $25,000 per year and Bob makes $45,000 a year, and they both have the same marginal benefit curve. According to the utilitarian view, if a dollar is transferred from Bob to Adam, then
A) the change in Adam's marginal benefit plus the change in Bob's marginal benefit is negative. B) Adam's marginal benefit increases by more than Bob's marginal benefit decreases. C) the change in Adam's marginal benefit plus the change in Bob's marginal benefit equals zero. D) Adam's marginal benefit decreases by more than Bob's marginal benefit increases.
If a market is shared equally by 100 firms, the Herfindahl-Hirschman Index is
A) 1/100. B) 1/50. C) 50. D) 100.
Which of the following factors explains why managers of government agencies have little incentive to achieve operational efficiency?
a. Public-sector managers have no fear of bankruptcy when operational efficiency is not achieved. b. Public-sector managers face fierce competition. c. It is relatively easy for voters to detect operational inefficiency in the public sector and do something to correct it. d. All of the above explain why government agencies have little incentive to be efficient.
The proportion of total income received by a particular group is called the group's
A. Income share. B. Gini coefficient. C. Functional distribution of income. D. Market share.