economic disparities
if a lorenz curve moves left word and becomes closer to the line of equality over time then, ________
income is being more equally divided
Someone who creates their own business is called an?
Entrepreneur
When one or more unit is sold, the total revenue increases by the price at which the unit is sold. This is known as?
quantity effect
Is corruption is a Crime that come from persons with authority.
Yes.
The wage rate for high-skilled labor is higher than that for low-skilled labor because
The demand for high-skilled labor is greater than the demand for low-skilled labor and the supply of high-skilled labor is less than the supply of low-skilled labor.
Which industrialist is best known for his work in the steel industry?
Andrew Carnegie
In order to sell the last unit, a monopolist must cut the market price on all units sold. This will decrease TR. This idea is known as the?
Price effect
Does competition reduce corruption?
No
Low income families spend most of their income on
Immediate goods
When handmade products were replaced by machines and mass production?
industrialization
For a monopolist, Total Revenue is highest when?
Marginal Revenue is equal to zero
he Pendleton Civil Service Act is?
instituted an exam for prospective government employees
The concept of Income inequality is
seen as a measure of the fairness of the society we live in
allows products to be mass produced generally allowing the price to decrease?
assembly line
Which of the following is a source of monopoly power?
Barriers to entry
The ________________ includes federal jobs in the executive branch
civil service
unemployment leads to
Low income to no income recieved,
Homelessness,
and illness
A monopoly is the total or complete control of an industry. Unfortunately for consumers, this prevents ___________.
Competition
Within the range of market demand, which of the following is consistent with the conditions of a natural monopoly?
Long-run total cost decreases as output increases.
use of political power for personal gain is called?
Graft