Vertical-equity is most closely associated with which of the following goals or principles?
A) the horizontal-equity principle B) the goal of attaining social objectives
C) the goal of economic efficiency D) the ability-to-pay principle
D
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The welfare loss associated with the outcome in a competitive oligopoly is:
A. bigger than that of a monopoly. B. smaller than that of a monopoly. C. the same as that of a monopoly. D. the same as that of colluding oligopolists.
Diminishing marginal product suggests that the marginal
a. cost of an extra worker is unchanged. b. cost of an extra worker is less than the previous worker's marginal cost. c. product of an extra worker is less than the previous worker's marginal product. d. product of an extra worker is greater than the previous worker's marginal product.
Risk aversion helps to explain various things we observe in the economy, including
a. adherence to the old adage, "Don't put all your eggs in one basket.". b. insurance. c. the risk-return trade-off. d. All of the above are correct.
The multiplier for changes in government spending is calculated as
a. 1/(1+MPC). b. (1 - MPC)/MPC. c. 1/MPC. d. 1/(1 - MPC).