Which of the following would most likely increase income inequality?
A. Improvements in public education.
B. Greater monopoly power among product sellers.
C. Greater equality in the distribution of wealth.
D. Fewer differences in working conditions across occupations.
Answer: B
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Which of the following is not a typical solution to the "Tragedy of the Commons?"
a. taxing the use of the common resource b. turning the common resource into a club good c. turning the common resource into a private good d. regulating the use of the common resource
According to the law of increasing opportunity costs,
A. Greater production means factor prices rise. B. Higher opportunity costs induce higher output per unit of input. C. Greater production leads to greater inefficiency. D. Greater production of one good requires increasingly larger sacrifices of other goods.