What is the percentage of income received by the middle three quintiles on line Z?
40
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A good is a nonexcludable if
A. its consumption by one person does not reduce its consumption by others. B. it is impossible to prevent people from obtaining the benefits of the good once it has been produced. C. no negative externalities are associated with its production and consumption. D. it is free in the first place; that is, it is so abundant that people can get all they want at zero price.
Which of the following is an example of a hidden characteristic?
A) After purchasing life insurance, Billy joins the bomb squad. B) Only the owner knows about her car defects. C) Bobby let his employer know about his college degree. D) Sally provides her driving record to the car insurance company.
In 1990, there were 50 bilateral agreements and regional trade agreements between countries. Today there are
A) more than 230 of these agreements. B) 30 of these agreements. C) none of these agreements remaining. D) more than 10,000 of these agreements.
Related to the Economics in Practice on page 292: The smart phone industry is best characterized as
A. an oligopoly. B. a monopoly. C. monopolistically competitive. D. purely competitive.