What is meant by the term "assortative mating" and how does it affect the distribution of wealth?
What will be an ideal response?
Assortative mating is the tendency for people to marry within their own socioeconomic class. Wealthy people tend to marry other wealthy people; wealth remains concentrated and this fact contributes to the skewed distribution of wealth.
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Property rights will help ensure efficient use of a common resource like fisheries, since:
a. property rights can be used to make a good excludable. b. property rights can be used to make a good nonrival. c. property rights will eliminate any negative externality arising from the use of a resource. d. the marginal social cost will be reduced.
Nabamitta is a doctor in a foreign country. When she first began medical school the number of doctors in her country was strictly limited by the government
Although the barriers to becoming a doctor were high, she invested nearly a decade of her life attempting to get a license because she knew if she received one she would be assured of a steady stream of patients. Soon after receiving a license, however, her country eliminated all barriers to entry in medical services. The result of the deregulation will likely be _____ for past license holders such as Nabamitta. a. transitional gains b. decreased competition c. transitional losses d. a new regulatory cartel