Which of the following statements is correct? a. The distribution of wealth is n

Question

Which of the following statements is correct?

a. The distribution of wealth is not the best measure of true inequality.

b. Inequality using annual income overstates actual lifetime inequality.

c. The inequality of annual incomes is less than the inequality of income.

d. All of the above statements are correct.

The study of economic inequality gives us part of the answer to which economic question?

a. what

b. how

c. for whom

d.where

Skills are costly to acquire. What forms do these costs take?

a.   out-of-pocket expenditures to pay for more education

b.   lower wages while learning through on-the-job training

c.   forgone earnings while attending higher education

d.   All of the above can be costs of acquiring a higher skill level.

Which of the following statements is true (correct)?

a. Derived demand for labor depends on the demand for the product labor produces.

b. Unions can either increase demand for, or decrease supply of labor.

c. Investment in human capital is expected to increase the demand for those workers.

d. All of the above.

The players in a game theory situation often do not act in their joint interest because of which of the following?

a.   They do not realize the benefit of cooperation.

b.   Players strive to minimize their opponents’ profits.

c.   Players do not understand the game and its payoffs.

d.   It is not in each player’s self-interest to cooperate.

If the marginal social cost of generating a kilowatt of electricity is $0.10 and the marginal private cost is $0.08, what is the marginal external cost?

a.   $0.18

b.   $0.10

c.   $0.08

d.   $0.02

What is the biggest problem of using government actions such as taxes and emission charges to control external costs?

a.   insufficient legal power to enforce the controls

b.   obtaining enough data to determine how much the tax or emission charge will be

c. in some situations, there is no known way to control the external costs

d. political lobbying and voter disagreement

Explanation / Answer

Q1: option (d). All the statements are correct.

Q2: option b. study of economic equality evaluates the strength of inequality. Thus we answer how much inequality is there with the present income distribution.

Q3: option (d) is the correct option

Q4: option (d)

Q5: option (a).

Q6: option d. MSC = MPC+MEC

Q7: optio (c)

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