The regular earnings profile of an individual throughout his or her lifetime is
A. income-in-kind.
B. the Lorenz curve.
C. the age-earnings cycle.
D. wealth.
Answer: C
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Figure 3-6
In Figure 3-6, assume this economy is currently operating at point D. What is the opportunity cost of moving to B?
A. About 200 bushels of wheat B. 200 bushels of soybeans C. Infinite, B cannot be produced at any cost. D. 0
Why is it likely that a market economy will perform better than a command economy?
What will be an ideal response?
Under the kinked demand curve model, a small increase in marginal cost will lead to
A) an increase in output level and a decrease in price. B) a decrease in output level and an increase in price. C) a decrease in output level and no change in price. D) neither a change in output level nor a change in price.
Which of the following is a TRUE statement about stock markets?
A) Economists can make above-average profits in the stock market because of their specialized knowledge of economics. B) It is always better to buy growth stocks than the older and more stable blue-chip stocks. C) The stock market on average over time is random and totally unrelated to the performance of the economy. D) It is illegal for a friend of a corporate executive to make large profits in the stock market by using his inside information.