1.the most important income distribution decisions that the government makes inv
ID: 1099630 • Letter: 1
Question
1.the most important income distribution decisions that the government makes involve:
establishing and protecting property rights.
maintaining a progressive income tax structure.
redistributing income through transfer payments to the poor.
encouraging innovation through direct subsidies.
2.
Amartya Sen argues that the goal of economic policy should be to:
increase total income regardless of how that income is divided.
increase a society's capabilities.
eliminate income inequality.
increase utility.
3.
In 1966, the merger between Pabst Brewing and Blatz Brewing was:
allowed because the two companies accounted for only 4.5 percent of U.S. beer sales.
allowed because the two companies held only a 24 percent share of the Wisconsin market.
disallowed because the two companies accounted for 4.5 percent of U.S. beer sales.
disallowed because the two companies held a 24 percent share of the Wisconsin market.
6.
Which of the following is a problem associated with judging competitiveness by structure?
It requires that each action of a firm be analyzed on a case-by-case basis, which is very time- consuming and expensive.
Whether the actions of a firm can be considered appropriate competitive behavior depends on the circumstances.
Structure can be a predictor of future performance.
It is difficult to determine the relevant market and the relevant industry necessary to identify the structural competitiveness of any industry.
12.
The elasticity of labor demand is higher when:
there are many substitutes for labor in the production process.
the inputs that could be substituted for labor are relatively expensive.
a large amount of labor is essential to the production process.
labor productivity falls rapidly when output is increased.
18.
Which of the following is an argument in favor of judging competitiveness by performance rather than structure?
Judgment by performance requires that each action of a firm be analyzed on a case-by-case basis, which is very time-consuming and expensive.
Under the judgment by structure criterion, a firm may be breaking the law if it does what it's supposed to be doing: producing the best product it can at the lowest cost.
Courts know little economic theory.
Structure can be a predictor of future performance.
22.
One study of the distribution of wealth indicates that the bottom 40 percent of households hold 1 percent or less of total marketable wealth in the United States Which of the following people is most likely to be in the bottom 40 percent?
Ann is 29 years old, earns $120,000 a year, has no financial assets, but still has student loans of $4,000.
Betty is 29 years old, earns $40,000 a year, has $80,000 in a savings account, and has credit card debt of $4,000.
Carol is 69 years old, is disabled, and is living on Social Security and dividends from her $500,000 of mutual funds. She has no debt.
Debra is 45 years old, and the only money she gets is $40,000 of rental payments from an apartment building she owns that is worth $250,000. She owes the bank $50,000.
26.
The effect of a change in the wage rate on the number of hours people are willing and able to work is stronger when the:
demand for labor is elastic.
demand for labor is inelastic.
supply of labor is elastic.
supply of labor is inelastic.
31.
The study by Brent Bratsberg and his colleagues suggests that income mobility in the United States has:
declined but is still higher than in Europe.
increased and is still higher than in Europe.
declined and is lower than in Europe.
increased and is lower than in Europe.
33.
A problem in using the judgment by market structure criterion is that:
each action of a firm must be analyzed separately and within a particular context.
it is difficult to determine the relevant industry and geographic market.
it is an expensive and time-consuming standard.
it is the most subjective standard.
34.
Supply and demand analysis can explain:
how much rent will accrue to a landholder and the initial set of property rights.
how much rent will accrue to a landholder but not the initial set of property rights.
the initial set of property rights but not how much rent will accrue to a landholder.
neither the initial set of property rights nor how much rent will accrue to a landholder.
establishing and protecting property rights.
maintaining a progressive income tax structure.
redistributing income through transfer payments to the poor.
encouraging innovation through direct subsidies.
Explanation / Answer
6.
Which of the following is a problem associated with judging competitiveness by structure?
It requires that each action of a firm be analyzed on a case-by-case basis, which is very time- consuming and expensive.
Whether the actions of a firm can be considered appropriate competitive behavior depends on the circumstances.
Structure can be a predictor of future performance.
It is difficult to determine the relevant market and the relevant industry necessary to identify the structural competitiveness of any industry.
31.
The study by Brent Bratsberg and his colleagues suggests that income mobility in the United States has:
declined but is still higher than in Europe.
increased and is still higher than in Europe.
declined and is lower than in Europe.
increased and is lower than in Europe.
33.
A problem in using the judgment by market structure criterion is that:
each action of a firm must be analyzed separately and within a particular context.
it is difficult to determine the relevant industry and geographic market.
it is an expensive and time-consuming standard.
it is the most subjective standard.
34.
Supply and demand analysis can explain:
how much rent will accrue to a landholder and the initial set of property rights.
how much rent will accrue to a landholder but not the initial set of property rights.
the initial set of property rights but not how much rent will accrue to a landholder.
neither the initial set of property rights nor how much rent will accrue to a landholder.
It requires that each action of a firm be analyzed on a case-by-case basis, which is very time- consuming and expensive.
Whether the actions of a firm can be considered appropriate competitive behavior depends on the circumstances.
Structure can be a predictor of future performance.
It is difficult to determine the relevant market and the relevant industry necessary to identify the structural competitiveness of any industry.
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