The Gini coefficients for land ownership inequality are often substantially higher than the Ginis for household incomes in low income countries
Indicate whether the statement is true or false
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The circular flow diagram shows
A) how nominal GDP is distinct from real GDP. B) how the prices of factors are determined. C) the effects of inflation in a simple economy. D) the flows between different sectors of the economy.
In monopolistic competition in the long run, firms ________
A) make zero economic profit and require more capacity B) incur an economic loss and require more capacity C) make an economic profit and have excess capacity D) make zero economic profit and have excess capacity
Economies that adopt more open trade policies have often historically enjoyed faster economic growth rates as a result. This is an example of what kind of statement?
A. Marginal B. Normative C. Positive D. Biased
If an unregulated electric company is a monopolist, faces demand of Q = 100 - 50P, and has constant total costs, the profit-maximizing level of output is
a. 50 b. 100 c. 25 d. 12.5