The controversy over affirmative action illustrates the
A. trade-off between equality and efficiency.
B. incentive problems created by transfer payments.
C. incentive problems created by personal income taxes.
D. trade-off between progressive and regressive taxes.
Answer: A
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Katie finds that the marginal utility from a compact disc is 30 and the marginal utility from a pizza is 10. The price of a compact disc is $15 and the price of a pizza is $10. In order to increase her utility, Katie should
A) consume more compact discs and fewer pizzas. B) consume fewer compact discs and more pizzas. C) not change her consumption of pizza and compact discs. D) consume fewer compact discs and fewer pizzas.
Increasing marginal cost is associated with:
a. decreasing marginal product. b. increasing marginal product. c. decreasing average product. d. increasing total product.
An insurance policy is a product that:
A. involves a company paying individuals very large sums of money if they encounter any risk. B. involves individuals paying a regular fee in return for an agreement that the insurance company will cover all expenses associated with risky behavior. C. involves individuals paying a company to ensure they don't experience any risk. D. allows people to pay to reduce uncertainty in some aspect of their lives.
Other things being equal, the monopolist will
A) hire more workers than if the industry were perfectly competitive. B) hire the same number of workers as a perfectly competitive industry would. C) hire fewer workers than if the industry were perfectly competitive. D) have lower profits than if the industry were perfectly competitive.