Authoritarian political regimes
a. never produce sound economic institutions, due to corruption.
b. have produced movement toward sound economic institutions in Chile, South Korea and several other nations.
c. will generally produce sound economic institutions and policies.
d. are necessary for the emergence of sound institutions, but not for their continued operation.
B
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The figure above shows two Lorenz curves, one before income redistribution and one after income redistribution. Lorenz curve B represents
A) market income. B) money income. C) money income before taxes. D) income after taxes.
We would expect that a fall in labor supply will have a proportionately larger effect on the market wage rate when
A) capital goods exist that can replace many of the workers. B) the product produced in the industry has several close substitutes. C) the product produced in the industry makes up a large portion of most families' budgets. D) labor represents a relatively small portion of total costs.