In recent decades, richer countries have experienced ________ inequality, and poor countries have experienced ________ inequality.
A. decreasing; increasing
B. decreasing; decreasing
C. increasing; decreasing
D. increasing; increasing
Answer: D
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Each firm in a perfectly competitive industry
A) produces a good that is slightly different from that of the other firms. B) produces a good that is identical to that of the other firms. C) attains economies of scale so that its efficient size is large compared to the market as a whole. D) has control over at least one unique resource to separate themselves from their competitors. E) has an important influence on the market price of the good or service being produced.
Which of the following would not be considered physical capital?
A. A forklift B. A factory C. Fertile soil D. An axe
If quantity demanded for sneakers falls by 10 percent when price increases 25 percent, we know that the absolute value of the own price elasticity of sneakers is:
A. 2.5. B. 0.27. C. 2.0. D. 0.4.
Proponents of a command economy argue that it promotes:
A. efficiency. B. equity. C. consumer sovereignty. D. economic growth.