The only way to eliminate all competition from social life would be through
A) abolishing money.
B) eliminating all scarcity.
C) eliminating all selfishness.
D) giving government the power to control everything.
E) making everyone as concerned about others as they are about themselves.
B
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The above figure shows the Lorenz curves for four different countries. Which of the following statements CAN be made on the basis of the graph?
A) Country C has the best balance between equity and efficiency. B) Country A is a socialist country. C) The income distribution is more equal in country B than in country D. D) all of the above
If you knew that an investment was going to pay you $215,892.50 in 10 years, and you knew that the annual interest rate over that time would be 8 percent, you could calculate the present value to be:
A. $80,000. B. $100,000. C. $150,000. D. $125,000.
What is marginal resource cost?
a. the amount that an extra input adds to the firm’s total costs b. the change in quantity of output resulting from a one-unit change in input c. the average variable cost of producing one more unit of output d. the additional income a firm obtains from one more unit of input
Ceteris paribus, which of the following is most likely to shift both the demand and the supply curves?
A. The price of the good itself. B. Expectations. C. Income. D. Technology.