The economic theory supporting policies of income redistribution is based on the idea that income increases have ______.
a. equal utility at all incomes
b. no utility above the poverty line
c. less utility at higher incomes
d. less utility at lower incomes
c. less utility at higher incomes
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If there is always a three-for-one tradeoff between goods X and Y, then the PPF between X and Y is
A) a downward-sloping curve that is bowed outward. B) a downward-sloping curve that is bowed inward. C) a downward-sloping straight line. D) an upward-sloping straight line.
The fastest growing economy between 1870 and 1979 was
A. the United Kingdom. B. the United States. C. Japan. D. Brazil.
When perfect competition prevails, which characteristic of firms is likely to be observed?
What will be an ideal response?
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
If the U.S. Federal Reserve uses a contractionary monetary policy to raise U.S. interest rates, the ________ curve would shift right and the pound would tend to
A. S£; appreciate. B. S£; depreciate. C. D£ curve and S£; appreciate. D. D£; depreciate.