Of the following countries, which has the lowest level of income inequality?
A. Greece
B. Japan
C. Mexico
D. Slovenia
Answer: D
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Ashton has the utility of wealth curve shown in the above figure. Ashton owns a sports car worth $30,000, and that is his only wealth. Ashton is a careless driver and there is a 30 percent chance that he will have an accident within a year
If he does have an accident, his car is worthless. Suppose all sports cars owners are like Ashton. An insurance company agrees to pay each person who has an accident the full value of their car. The company's operating expenses are $1,000. What is the minimum insurance premium that the company is willing to accept? A) $3,000 per year B) $6,000 per year C) $10,000 per year D) $15,000 per year
Assume that goods X and Y are substitutes and are produced in perfectly competitive markets. All else constant, in the short run, a decrease in the supply of good X would cause:
A) an increase in the demand for good Y. B) a decrease in the demand for good Y. C) an increase in the supply of good Y. D) a decrease in supply of good Y.
When observing economic growth and literacy rates, it is clear that: a. economic growth causes higher literacy rates
b. economic growth may be a consequence of improved education. c. improved levels of education may be the result of increasing economic growth. d. all of the above are likely to be true.
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
According to the matrix shown, the outcome of the "game" will be:
A. both firms will collude and act like a joint monopolist. B. Firm B will compete and Firm A will collude. C. Firm A will compete and Firm B will collude. D. both firms will compete.