When a person acts as expected as part of the group they are portraying their
a. role
b. groupthink
c. norm
d. status rank
Ans: a. role
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An economy has the income shares information in the table above. Which of the following is TRUE?
A) The information in the table represents the income distribution in the United States. B) Income in the U.S. economy is more equally distributed than that represented in the table. C) Income in the U.S. economy is less equally distributed than that represented in the table. D) The information in the table represents the wealth distribution in the United States.
"Free riding" is a characteristic of which type of good?
A) a private good B) a good that is both rival and excludable C) a public good D) a common resource
In the steady state of the Solow growth model
A) consumption equals depreciation. B) per capita variables grow at the rate of population growth. C) aggregate consumption grows at a constant rate. D) aggregate output is constant.
Price and quantity in Bertrand and Cournot models
A) are the same. B) are different. C) might be the same depending on whether the products are identical or differentiated. D) are the same as in a duopoly.