The ______ the Lorenz curve is from/to the line of perfect equality, the _____ is the Gini coefficient, and the __________ income equality exists.
A. farther; higher; less
B. farther; higher; more
C. closer; higher; less
D. closer; lower; less
A. farther; higher; less
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When _____ are ______, it will be difficult to reach a private solution
a. transactions costs; high b. transactions costs; low c. externalities; visible d. externalities, invisible
In the game in Scenario 13.5,
A) there is one equilibrium: for both to expand West. B) there is one equilibrium: for both to expand South. C) there are two equilibria: either can expand in the West, and the other expands in the South. D) there is only a mixed strategies equilibrium. E) all four outcomes are equilibria.
For which of the following questions would consumer sovereignty provide an answer?
a. Will a shovel or bulldozer be used to excavate the ground? b. Should the government provide trash collection services in the community? c. Should we have universal health coverage provided by the government? d. Will large or small cars sell the most this year? e. Should there be numerous competitors offering long-distance phone service to the consumer?
An increase in the money wage rate will cause the aggregate supply curve to shift
a. outward, which means the quantity supplied at any price level decreases. b. outward, which means the quantity supplied at any price level increases. c. inward, which means the quantity supplied at any price level increases. d. inward, which means the quantity supplied at any price level decreases.