A World View article, "Glaring Inequalities," says that income inequality tends to diminish as a nation develops. The distribution of income answers the ________ question.
A. WHY
B. WHERE
C. HOW MUCH
D. FOR WHOM
Answer: D
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Is supply more elastic or less elastic as more time passes after a price change? Explain your answer
What will be an ideal response?
External economies of scale will ________ average cost when output is ________ by ________
A) reduce; increased; the industry B) reduce; increased; a firm C) increase; increased; a firm D) increase; increased; the industry E) reduce; reduce; the industry
Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity
a. True b. False Indicate whether the statement is true or false
Related to the Economics in Practice on p. 83: The true cost of the Shakespeare in the Park tickets is
A. the additional cost to the city of extra security. B. $0 plus the opportunity cost of the time spent in line. C. the cost to put on the performance. D. zero.