Which statement is true?
A. Employment discrimination plays virtually no role in determining the distribution of income.
B. Training, education, and intelligence play a very large role in determining the distribution of income.
C. In our society, it's basically who you know, rather than what you know that determines the distribution of income.
D. None of these statements are true.
B. Training, education, and intelligence play a very large role in determining the distribution of income.
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If an increase in investment causes an increase in real output beyond the full-employment level, the result will be
A. An increase in undesired inventories. B. An increase in the recessionary GDP gap. C. Cost-push inflation. D. Demand-pull inflation.
Which of the following incurs a primarily pecuniary cost?
a. a factory’s smog obscuring the sunset b. a defective product causing a fire that burns a house c. noise from a warehouse making neighbors nervous d. the smell from a dogfood factory permeating a neighborhood
Explain the concept of scale economies. Explain the difference between internal and external scale economies. What pattern of trade do we expect to see in industries with substantial external scale economies?
What will be an ideal response?
According to the graph shown, what does P on the y-axis stand for?
A. Price of GDP B. Inflation rate C. Average price level D. Price of Y