In which of the following would the richest tenth of the population be most likely to receive the highest percentage of the country's income?
A. Canada.
B. Botswana.
C. Sweden.
D. Germany.
Answer: B
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Suppose a Cournot oligopoly is operating in a market where demand is linear and marginal costs are constant. We can conclude that the total output supplied is
a. 1/3 of the perfectly competitive output. b. 1/2 of the perfectly competitive output. c. 2/3 of the perfectly competitive output. d. equal to the competitive output.
Which of the following statements is correct?
a. In the short run, interest rate differentials have the greatest impact on exchange rates. b. In the medium run, differences in growth rates of aggregate demand have the greatest impact on exchange rates. c. In the long run, price and inflation differentials have the greatest impact on exchange rates. d. All of the above are correct.
Economists view normative statements as
a. prescriptive, making a claim about how the world ought to be. b. descriptive, making a claim about how the world is. c. statements about the normal condition of the world. d. pessimistic, putting the worst possible interpretation on things.
Which approach to calculating GDP would be best to compare consumer activity versus government purchases?
A. The value-added approach B. The expenditure approach C. The income approach D. Any of these measurements will allow that comparison equally well.