Refer to Figure 21.2. Which country has the more unequal distribution of income?
A) Urbania
B) Ruratania
C) They may have the same absolute income distribution although their relative income distribution is different.
D) There is insufficient information to answer the question.
B
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A technological innovation that reduces a firm's marginal cost will lead to:
A. a decrease in the firm's supply. B. an increase in the quantity supplied by the firm, but no change in the firm's supply. C. an increase in the firm's supply. D. a decrease in the quantity supplied by the firm, but no change in the firm's supply.
The recent U.S. national initiatives to control GHGs from mobile sources
a. includes market-based components such as CO2emissions trading b. provides negative net benefits to society, according to estimates c. will reduce carbon dioxide emissions but offers no savings of oil consumption d. was finalized by the Department of Agriculture and the EPA
As the use of DVDs becomes more widespread, we would expect all of the following except one. Which is the exception?
a. The prices of CDs will decrease. b. The demand curve for CD players will shift leftward. c. The supply curve of CD players will shift rightward. d. The demand curve for CDs will shift leftward. e. Firms will move their resources away from CD production to DVD production.
Price ceilings are imposed if the government believes
a. the market fails to create an equilibrium price b. the equilibrium price is too low c. an excess supply of the good exists or will result in the near future d. the equilibrium price is too high e. quantity demanded is less than quantity supplied