An economy where there is a wide gap between the compensation of the top workers in certain fields and that of the merely competent workers is called a(n)
A. inequality economy.
B. hyperinflation economy.
C. superstar economy.
D. competitive economy.
Answer: C
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Major categories of market-based instruments include
a. pollution charges d. pollution permit trading systems b. subsidies e. all of the above c. deposit/refund systems
The table above gives some of the entries in the national income and product accounts. The government sector has a ________, and the private sector has a ________
A) surplus of $50 billion; surplus of $25 billion B) deficit of $50 billion; surplus of $25 billion C) surplus of $50 billion; deficit of $25 billion D) deficit of $50 billion; deficit of $25 billion
A tractor used to prepare land for planting is called
A. land. B. physical capital. C. labor. D. human capital.
Behavioral economic theories are developed based on the following, except:
A. Assuming that people always make rational decisions and choices B. Observing people's actual behavior, including irrational behavior C. Trying to explain people's tendency to make systematic errors in certain situations D. Dropping the neoclassical assumption that people are fundamentally rational