List and describe the three different types of transfers discussed in this chapter. Give a hypothetical example of each to help support your answer
A voluntary transfer is essentially a gift. In a voluntary transfer both parties benefit. An involuntary transfer occurs when one person takes something from another either by violent force or by government intervention. The third type of transfer is the involuntary-voluntary transfer. An involuntary-voluntary transfer occurs with government intervention. On the surface, this type of transfer looks involuntary, but below the surface it looks voluntary. Examples will vary.
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Which of the following countries has the longest life expectancy for both men and women?
a. Japan. b. Germany. c. Canada. d. Great Britain. e. theUnited States.
A monopolist earning economic profit in the short run determines that at its present level of output, marginal revenue is $23 and marginal cost is $30. Which of the following should the firm do to increase profit?
A. Raise price and lower output. B. Lower price and lower output. C. Raise price and raise output. D. Lower price and raise output.
If the price of a good goes up by 5 percent and, in response, the quantity demanded falls by 15 percent, the price elasticity of demand will be:
A. 3. B. 0.3333. C. 0.15. D. .05.
Suppose that the men's suit business is monopolistically competitive. It follows that in equilibrium, the marginal revenue of any firm in the industry:
A. has no relation to price. B. is less than the price. C. is equal to the price. D. is greater than the price.