A likely effect of government policies that redistribute income and wealth from the wealthy to the poor is that those policies
a. enhance equality.
b. enhance efficiency.
c. increase the reward for working hard.
d. All of the above are correct.
a
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Refer to Cost of Production. By comparing the two points on the expansion path, we can conclude that this technology exhibits
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. decreasing returns to scale.
b. constant returns to scale.
c. increasing returns to scale.
d. zero returns to scale.
If average labor productivity in two countries is the same, average living standards will be lower in the country with:
A. the smaller population. B. the larger population. C. the lower share of population employed. D. the higher share of population employed
Which of the following is an example of a product that is nonexcludable and rival?
A) a motorcycle B) the court system C) Western lowland gorillas D) a NASCAR event
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
a. 11 percent b. 14.4 percent. c. 16.8 percent. d. 10.2 percent.