During World War II, the distribution of income shifted. Who did this shift favor?
(a) Labor
(b) The idle and wealthy class
(c) The government
(d) Foreign-born individuals
(a)
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Which of the following statements regarding the long-term equilibrium is TRUE?
A) As new firms enter a market, each existing firm increases the quantity it produces. B) Firms leave a market if they are making zero economic profit. C) Entry and exit stop when firms are making an economic profit. D) Entry and exit stop when firms make zero economic profit.
A quasi-public good differs from a public good in that unlike a public good, it is possible to keep those who do not pay for the quasi-public good from enjoying the benefits of the good
Indicate whether the statement is true or false
Rick finds a great Internet deal on an all-inclusive vacation rental in the Tropics for $1200, and immediately places a $1000 nonrefundable deposit on it. He later learns that the dates he planned to go are right in the middle of hurricane season, and it is likely to be miserable and potentially dangerous weather the entire time. Rick decides he cannot waste the $1000 and takes the trip anyway. While sitting in the rain, miserable, Rick realizes:
A. he fell victim to the sunk-cost fallacy and should have ignored the fact that the $1000 was gone. B. he fell victim to the implicit-cost fallacy and should have ignored the fact that the $1000 was gone. C. he fell victim to the fungibility-fallacy and should not have gone on the trip. D. going on the trip was a utility-minimizing experience.
The most essential economic problem is the existence of: a. both an increasing population and the depletion of natural resources. b. both limited economic resources and unlimited desires
c. both inflation and unemployment. d. income inequality and economic freedom.