One effect of international trade in the United States has been:
A. Less improvement in the quality of products
B. An increase in the prices consumers pay for products
C. A decrease in the range of consumer choice of products
D. More competition for domestic firms
D. More competition for domestic firms
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For an individual who has special talent as an entertainer, a large proportion of his salary can be considered
A) a fixed cost. B) economic rent. C) a payment below opportunity cost. D) non-taxable income.
The more bowed the Lorenz curve, the
A) richer the society. B) more unequal the distribution of money income. C) poorer the society. D) more equal the distribution of income.
Which of the following does not foster innovation and technological advance?
A. Competition in markets B. Freedom of choice and enterprise C. Self-interest and personal rewards D. Fear and avoidance of risk
Refer to the given diagram, which shows consumption schedules for economies A and B. We can say that the:
A. MPC is greater in B than in A.
B. APC at any given income level is greater in B than in A.
C. MPS is smaller in B than in A.
D. MPC is greater in A than in B.