International comparisons of income inequality indicate that the degree of inequality is greatest in:
a. developing countries
b. developed countries.
c. countries with a homogeneous population.
d. the United States.
a
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Which of the following statements is FALSE?
A) Total income is always greater than total output. B) In the circular flow model, households sell factor services to businesses in return for factor payments. C) Businesses sell goods and services to households who use their income to pay for them. D) The value of total income is equal in value to total output because profit is a cost of production.
The assumption that rival firms will match a firm's price decreases but not its price increases is a basic feature of:
A) model of limit pricing. B) the kinked demand curve model. C) the predatory pricing model. D) cartel theory.
The concerns about world food production raised by Malthus have not materialized because:
A) input prices have fallen over time. B) crop prices have risen over time. C) Malthus was wrong about the diminishing returns to labor in agriculture. D) technological improvements have increased our ability to produce food over time.
Which of the following is true?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, raise prices on both the products c. After acquiring a complementary product, lower prices on both the products d. All of the above