Income inequality is
A. Not an issue in the United States because of the progressive federal tax system.
B. Often greatest in the poorest countries such as Namibia and Botswana.
C. A global issue because the poorest tenth of the population gets 20-30 percent of total income.
D. Not an issue for wealthy countries such as the United States and Germany.
Answer: B
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A situation where a union bargains with a monopsony employer is termed a
A) bilateral monopsony. B) bilateral monopoly. C) bilateral agreement. D) unilateral agreement.
Total U.S. consumption possibilities will increase if the United States:
A. imports a product for which the exporting country has the comparative advantage. B. never imports a product that can be produced by American workers. C. has consumers who join together and adopt a "Buy American" policy. D. agrees to subsidize imports of products, such as computers, that represent the comparative advantage of domestic U.S. manufacturing firms.
Assume that an individual consumes only coffee and bagels and that the last cup of coffee yields 12 utils and the last bagel 6 utils. If the price of a cup of coffee is $1 and the price of the bagel is $.50, we can conclude that the:
A. consumer should consume more coffee and fewer bagels. B. price of coffee is too high relative to bagels. C. consumer should consume less coffee and more bagels. D. consumer is in equilibrium.
Many manufacturers sell products labeled as having imperfections at a discount at their factory outlets but do not ship these imperfect goods to regular retail outlets. Why?
What will be an ideal response?