Which of the following is true?
a. The best distribution of income can be determined objectively.
b. The transfer of income from one group to another is costly; it will generally reduce total output.
c. Positive economics can determine the variation in incomes that would be best for an economy.
d. The fairness of an income distribution is determined by its pattern (the measured degree of income inequality).
e. All of the above are true.
B
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When the exchange rate between the U.S. dollar and the euro changes from 1.00 euro per dollar to 1.30 euros per dollar, then the
A) euro has depreciated against the euro. B) U.S. dollar has depreciated against the euro. C) U.S. dollar has depreciated against the dollar. D) euro has appreciated against the dollar. E) U.S. dollar has appreciated against the euro.
The United States first became a creditor nation in the year _______.
Fill in the blank(s) with the appropriate word(s).
Which of the following is an example of the "brain drain?"
a. A country's most highly educated workers emigrate to rich countries. b. A country has such a poor educational system that human capital falls over time. c. The population of a country grows so fast that the educational system can't keep up. d. A country steals patented technology from another country.
The payoff matrix below shows the payoffs (in millions of dollars) for two firms, A and B, for two different strategies, investing in new capital or not investing in new capital. 
An industry spy comes to firm B and claims to know what firm A has decided. Given that each firm already knows the payoff matrix, how much would this information be worth to firm B?
A. $0 B. $70 million C. $50 million D. $30 million