If a production quota is set below the equilibrium quantity, at the quota quantity, marginal benefit is ________ marginal cost and the level of production is ________
A) greater than; inefficient
B) greater than; efficient
C) less than; inefficient
D) equal to; efficient
A
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If the price of gasoline increases significantly, then we'd expect the demand curve for large hybrid and electric cars to
A. not shift, but there will be a movement along that demand curve. B. shift to the right. C. shift to the left. D. become upward-sloping.
An increase in the level of prices of goods and services will do what to the long-run aggregate supply curve?
A) not shift the curve at all B) depends upon the long-run aggregate demand curve C) shift it to the right D) shift it to the left
The above figure shows the Lorenz curves for four different countries. Which of the following statements CAN be made on the basis of the graph?
A) Country C has the best balance between equity and efficiency. B) Country A is a socialist country. C) The income distribution is more equal in country B than in country D. D) all of the above
According to the statistics, the distribution of money income:
a. fluctuated widely since 1947. b. changed significantly in favor of the bottom 5 percent. c. has not changed greatly since 1947. d. has not changed greatly since 1929.