The goals of helping those in poverty and creating income equality _____
a. are the same thing
b. are sometimes in conflict
c. are always in conflict
d. are never in conflict
b
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According to Scenario 8.1, Fizzle and Sizzle
A) would be perfectly competitive if their purification costs were equal; otherwise, not. B) would be perfectly competitive if it costs Fizzle $500,000 yearly to keep that land. C) may or may not be perfect competitors, but their position on the river has nothing to do with it. D) cannot be perfect competitors because they are not identical firms.
The outcome of the game in the figure shown predicts that Joe will earn utility of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. 5.
B. 7.
C. 9.
D. 13.
The incidence of a tax falls more heavily on
a. consumers than producers if demand is more inelastic than supply. b. producers than consumers if supply is more inelastic than demand. c. consumers than producers if supply is more elastic than demand. d. All of the above are correct.
Risk aversion helps to explain various things we observe in the economy, including
a. adherence to the old adage, "Don't put all your eggs in one basket.". b. insurance. c. the risk-return trade-off. d. All of the above are correct.