Monopoly is represented by a single seller
Indicate whether the statement is true or false
True
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Income equality has
A) decreased in the United States as manufacturing has increased. B) narrowed within countries but increased across countries. C) increased within countries but has narrowed across countries. D) not changed in the advanced economies over the past 50 years. E) increased in developing economies as manufacturing has decreased.
Suppose that the United States allowed its domestic fuel producers to use ethanol made from any source (corn or sugar). What is likely to happen to U.S. production of corn ethanol and U.S. imports of sugar ethanol?
a. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would decrease. b. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would decrease. c. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would increase. d. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would increase.
One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. people substitute between goods. B. things produced by people under 18 are not counted. C. quality has remained steady. D. the underground economy (unreported and illegal income and sales) is not counted.
The deadweight loss due to a tax is likely to be greatest with ______.
a. a nearly vertical demand curve b. an inelastic supply curve c. an elastic demand curve d. a nearly vertical supply curve