In constructing the Human Development Index, high income levels are given less than proportionate weight because
a. Items bought by rich people are luxuries, not necessities.
b. United Nations bureaucrats are prejudiced against the rich.
c. Dollars received by rich people may have a lower marginal utility than dollars received by poor people.
d. Items bought by rich people create more pollution than those bought by the poor.
e. All of the above are valid reasons.
C
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A market demand curve measures
A) how much a consumer is willing to pay for an additional unit of the good. B) the marginal social benefit of an additional unit of the good. C) the marginal social cost of an additional unit of the good. D) Both answers A and B are correct.
Olive oil producers want to sell more olive oil at a higher price. Which of the following events would have this effect?
A) an increase in the price of land used to plant olive trees B) an increase in the price of olive oil presses C) research finds that consumption of olive oil reduces the risk of heart disease D) a decrease in the cost of transporting olive oil to markets