Differences in the amounts and quality of education and training:
A. combine with differences in mental, physical, and aesthetic talents to produce income
inequality.
B. explain none of the income inequality in the United States.
C. explain nearly all the income inequality in the United States.
D. have lessened in the United States in the past decade, sharply reducing income inequality.
Answer: A
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If the demand for a good is elastic, the price elasticity of demand is ________
A) greater than 1 B) equal to 1 C) between 0 and 1 D) less than zero
The result that, under certain circumstances, no government action is needed to control an externality because it can be eliminated by bargaining between the affected parties is called
A) a Nash equilibrium. B) Coase Theorem. C) Bargaining Theorem. D) English Bargaining.
The overall regression F-statistic tests the null hypothesis that
A) all slope coefficients are zero. B) all slope coefficients and the intercept are zero. C) the intercept in the regression and at least one, but not all, of the slope coefficients is zero. D) the slope coefficient of the variable of interest is zero, but that the other slope coefficients are not.
If goods are completely unrelated, their cross price elasticity will
A) be greater than one. B) be less than one. C) be equal to zero. D) be negative.