When we compare the income distribution of the United States to those of other countries, we find that the U.S. has
a. an income distribution similar to Japan's.
b. an income distribution similar to South Africa's.
c. one of the most unequal income distributions.
d. a bit more inequality than the typical country.
d
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The aggregate production function is Y = 5K0.5L0.5. If there are 49 units of capital and 16 units of labor, aggregate output is
A. 60 units B. 70 units. C. 140 units. D. 325 units.
A natural monopoly
A. arises as a result of legal barriers to entry. B. occurs when one firm controls a natural resource. C. arises when one firm can meet the entire market demand at a lower average total cost than two or more firms. D. Both answers A and B are correct. E. Both answers A and C are correct.
Suppose that the price of product X rises by 20 percent and the quantity supplied of X increases by 15 percent. The coefficient of price elasticity of supply for good X is:
A. negative and therefore X is an inferior good. B. positive and therefore X is a normal good. C. less than 1 and therefore supply is inelastic. D. more than 1 and therefore supply is elastic.
Use the data in the table above and suppose that labor is the only variable factor of production. When 122 dozen donuts are produced at Decent Donuts, the MC curve
A) has a positive slope. B) shows the effect of increasing marginal returns. C) Both answers A and B are correct. D) Neither answer A nor B is correct.