The lesson from economic history is that
a. income inequality is a 21st century phenomenon.
b. ancient societies represent most egalitarian models.
c. inequality and poverty characterized many ancient societies.
d. none of the above.
c. inequality and poverty characterized many ancient societies.
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
In which of the following situations is the absolute price elasticity of demand for an item most likely to exceed a value of 1?
A) when there are very few close substitutes for the item B) when there are very few producers of the item C) when the item's share of expenses in consumers' budgets is very small D) when there is considerable time to adjust to a change in the price of the item
What are the pros and cons of regulating a monopoly?
Refer to the information provided in Figure 32.1 below to answer the question(s) that follow.
Figure 32.1Refer to Figure 32.1. The tax rate that will maximize tax revenue is associated with point
A. A. B. B. C. C. D. D.