Approaching income redistribution by taking from the rich and giving to the poor is often referred to as the ______.
a. principle of diminishing utility
b. Lorenz Curve
c. Gini Coefficient
d. Robin Hood approach
d. Robin Hood approach
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In response to a temporary change in total factor productivity, the adoption of capital controls under a flexible exchange rate
A) amplifies the effect of this disturbance on both domestic output and the nominal exchange rate. B) amplifies the effect of this disturbance on domestic output and dampens the effect on the nominal exchange rate. C) dampens the effect of this disturbance on domestic output and amplifies the effect on the nominal exchange rate. D) dampens the effect of this disturbance on both domestic output and the nominal exchange rate.
Which of the following is true about a differentiated-product Bertrand duopoly?
A. Firm 1 and firm 2's prices will equal marginal cost. B. Firm 1 and firm 2's prices will exceed marginal cost. C. Firms in a differentiated-product Bertrand duopoly cannot earn positive economic profits in the long run. D. Firm 1's price will always be above marginal cost, while firm 2's price will be equal to marginal cost.
If your rent increases from $1,000 to $1,100 over a period of one year and your income rises from $6,000 to $7,000, your nominal income has
A. Increased, but your real income has remained the same. B. Increased, and your real income has increased. C. Increased, but your real income has decreased. D. Decreased, and your real income has decreased.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3. B. -1.5. C. -3. D. -30.