The price of gold is often volatile because:
A. Demand is relatively inelastic so changes in supply have a large effect on price
B. Supply is relatively elastic so changes in demand have a large effect on price
C. Demand is relatively elastic so changes in supply have a large effect on price
D. Supply is relatively inelastic so changes in demand have a large effect on price
D. Supply is relatively inelastic so changes in demand have a large effect on price
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The above figure shows the Lorenz curves for four different countries. Which country has the most unequal distribution of income?
A) country A B) country B C) country C D) country D
All of the following contribute to income inequality EXCEPT
A) differences in education and training. B) differences in job tastes. C) differences in talent. D) government transfer programs.
Which of the following is true?
a. Competitive behavior is present in the market sector but not in the public sector. b. Because candidates for public office represent a bundle of views, there is more ability for individuals to make their preferences count on specific issues than in the market sector. c. When decisions are made democratically, the economic and political power of all individuals will be equal unlike in the market sector. d. The reality of the aggregate consumption-aggregate payment link imposed by scarcity is present in both the market and public sectors.
Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is ________, total producer surplus is ________, and total social surplus is ________.
A. $144,000; $672,000; $384,000 B. $144,000; $120,000; $264,000 C. $672,000; $144,000; $384,000 D. $28; $6; $16 E. $120,000; $144,000; $264,000