The antitrust laws are based on the:
A. creative destruction view of competition.
B. idea that competition leads to greater economic efficiency than does a monopoly.
C. view that nonprice competition should be strictly regulated by government.
D. view that all negative externalities should be eliminated by government action.
Answer: B
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One reason why household incomes differ is that the number of household members who are working differs. For example, among households in the bottom 20 percent based on income, only about one household in seven has a full-time, year-round worker. The median income for households with two earners is 91 percent higher than for households with only one earner
Indicate whether the statement is true or false
If the marginal propensity to consume was 0.9, it would mean that:
A. consumers spend $1 out of every $10 of additional disposable income. B. consumers save $9 out of every $10 of additional disposable income. C. consumers spend $9 out of every $10 of additional disposable income. D. people should save more.