In 2014, the 80/20 ratio for the U.S. was approximately equal to
A. 2, indicating substantial income inequality.
B. 1, indicating no income inequality.
C. 4, indicating no income inequality.
D. 5, indicating substantial income inequality.
Answer: D
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In the personal computer market, some large manufacturers are able to buy computer components (e.g., disk drives, flat-screen monitors, and memory chips) and software at lower prices than smaller firms in the market
This outcome indicates that the large firms enjoy some degree of ________ in this market. A) monopoly power B) oligopoly power C) oligopsony power D) monopsony power
A highly active role by government may be needed to promote economic growth in low-income DVCs because of:
A. a lack of infrastructure. B. rigid law enforcement in the country. C. excessive local entrepreneurship. D. all these reasons.
One important issue in the Uruguay round of GATT was
A. the question of the Euro's convertibility. B. the use of trade as a diplomatic weapon. C. the placement of the WTO offices in Uruguay. D. the treatment of copyrighted material.
The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Is this game a prisoner's dilemma?
A. Yes, because if both firms played their dominant strategy, they each would earn a higher payoff than when they both play their dominated strategy. B. No, because cheating yields the highest payoff for both firms. C. Yes, because if both firms played their dominated strategy, they each would earn a higher payoff than when they both play their dominant strategy. D. No, because neither firm has a dominant strategy.