During the past 200 years, income per person has
a. increased in the developed countries of Western Europe and North America, but declined in the rest of the world.
b. declined in the developed countries of Western Europe and North America, but increased in the rest of the world.
c. increased far more rapidly in both developed and less developed countries than during the centuries prior to 1800.
d. Increased far less rapidly in both developed and less developed countries than during the centuries prior to 1800.
C
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If a person's compensated demand (or MWTP) curve is perfectly vertical, the good is borderline between regular inferior and Giffen for this consumer.
Answer the following statement true (T) or false (F)
In the United States, doctors and hospitals that provide most health care are
A) 100 percent employed by the government. B) primarily private firms. C) split evenly between private firms and employed by the government. D) primarily employed by the government.
The minimum efficient scale is
A) the plant size that yields the most profit. B) the smallest output level where the firm finally reaches productive efficiency. C) the level of operation where long-run average costs are lowest. D) the level of output where diminishing returns have not set in yet.
The more bowed the Lorenz curve, the
A) richer the society. B) more unequal the distribution of money income. C) poorer the society. D) more equal the distribution of income.