Refer to the Article Summary. The article discusses wealth inequality, and for some people this means a more equitable distribution of wealth is needed in the economy. What is meant by a more equitable distribution of wealth?
A) a more allocatively efficient distribution of wealth
B) a more productively efficient distribution of wealth
C) wealth distributed based on income levels
D) a more fair distribution of wealth
D
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The market clearing price of corn has just increased. Which of the following could have caused this change?
A) a reduction in demand B) a reduction in supply C) an increase in quantity demanded D) an increase in quantity supplied
Ashley recently began running her husband's lumber mill. Last month she took in $5,000 in sales revenue and paid $3,400 in out-of-pocket costs. Did the lumberyard make an economic profit last month?
a. Definitely not b. Yes. After considering non-zero explicit and implicit costs, it is clear that her profit is exactly equal to $1,600. c. Without knowing the magnitude of implicit costs, it is not possible to state whether the lumberyard earned an economic profit last month. d. Yes, after factoring implicit costs, it is clear that her profit will exceed $1,600.