Which of the following would most likely increase income inequality?
A. Improvements in public education.
B. Greater monopoly power among product sellers.
C. Greater equality in the distribution of wealth.
D. Fewer differences in working conditions across occupations.
Answer: B
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The supply of public school places is determined by
(a) individuals' demand for education. (b) direct and indirect costs of schooling. (c) political processes, often unrelated to economic criteria. (d) all of the above.
According to Okun's law, if output grew 1% and full-employment output rose 3%, what would be the change in the unemployment rate?
A) -2 percentage points B) -1 percentage point C) 1 percentage point D) 2 percentage points
Household savings rates:
A. were negative in China in 2014. B. were 49% in China in 2014. C. were fairly constant at about 8% in China from 2000 to 2010. D. have been roughly 10% for the last 30 years or so in China.
When there is a surplus of a product in a market the:
A. price will rise. B. price must be above the equilibrium price. C. producers will expand output and sales will rise. D. price must be below the equilibrium price.