Which point or output-combination in the above graph could the nation produce only if it experienced inefficiency?
a. Combination F
b. Combination E
c. Combination C
d. Combination G
Ans: a. Combination
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U.S. imports are goods that are
a. produced in other countries b. consumed in other countries c. sold in other countries d. produced in the U.S. e. exported from the U.S.
Which of the following is a public good?
a. railroads b. genetic diversity c. a space station d. military aircraft e. commercial aircraft
Exhibit 11- 7 Demand for labor curves
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In Exhibit 11-7, which of the following could have caused the shift in labor demand from D1to D2?
A. Increase in the demand for the product. B. Decrease in wages. C. Decrease in price of product. D. Decrease in demand for the product.
The Gini coefficient is
A. the most common way of representing the income distribution graphically. B. a commonly used measure of the degree of inequality in an income distribution. C. the ratio of the percentage of total income received by the top 20% of families to the percentage of total income received by the bottom 20% of families. D. a commonly used measure of the degree of inequity in a property distribution.