Which of the following would likely reduce income inequality?
A. A reduction in the number of high school dropouts.
B. A reduction in social security benefits.
C. Greater inequality in the distribution of wealth.
D. More stringent requirements to obtain occupational licenses.
Answer: A
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Eddys' Electronics found that instead of producing a dvd player and a gaming system separately, it is cheaper to incorporate dvd playing capabilities in their new version of the gaming system. Eddy's is taking advantage of
a. Economies of Scale b. Learning curve c. Economies of Scope d. Decreasing marginal costs
Answer the following statements true (T) or false (F)
1. Firms in monopolistic competition sell a similar but differentiated product. 2. 3. 4. 5.
The city of Ann Arbor Michigan buys a police car manufactured in Germany. In the GDP accounts this transaction is included in
a. in government expenditures and exports.
b. government expenditures and imports.
c. exports, but not government expenditures.
d. imports, but not government expenditures.
Suppose that the current money market equilibrium features an interest rate of 5 percent and a quantity of $2 trillion. If the Fed raises the discount rate, which of the following is most likely to be the new money market equilibrium?
A. An interest rate of 6 percent and a quantity of $1.5 trillion. B. An interest rate of 5 percent and a quantity of $2 trillion. C. An interest rate of 4 percent and a quantity of $2.5 trillion. D. An interest rate of 3 percent and a quantity of $3 trillion.