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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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.
Is supply more elastic or less elastic as more time passes after a price change? Explain your answer
What will be an ideal response?