1 of 27
Term Definition
which of the following is not a b
requirement for a market to be
perfectly competitive?
a. a homogenous product
b. no external effects
c. many buyers
d. many sellers
e. buyers and sellers all know
the market price
Give this one a try later!
True False
2 of 27
Term
,Which best summarizes trends Definition
in global inequality since 1980?
e
a. most of the inequality in the
world results from inequality
within countries and this is
increasing
b. most of the inequality in the
world results from inequality
between countries and this is
inreasing
c. inequality between
individuals within most countries
is declining, leading to a decline
in global inequality
d. inequality between countries
is declining while inequality
within countries is rising with the
net effect being falling global
inequality
e. inequality within countries is
declining while inequality
between countries is rising. With
the net effect being rising
global inequality
Give this one a try later!
True False
3 of 27
, Term Definition
which best explains income b
inequality between men and
women?
a. differences in cognitive ability
b. differences in education
c. differences in housework
d. differences in parents
e. differences in neighborhoods
Give this one a try later!
True False
Correct definition
d
4 of 27
Term Definition
a price-setting firm chooses a d
price that ensures all the
following except that
a. profits are maximized
b. the allocation is efficient
c. the firm earns monopoly
rents
Term Definition
which of the following is not a b
requirement for a market to be
perfectly competitive?
a. a homogenous product
b. no external effects
c. many buyers
d. many sellers
e. buyers and sellers all know
the market price
Give this one a try later!
True False
2 of 27
Term
,Which best summarizes trends Definition
in global inequality since 1980?
e
a. most of the inequality in the
world results from inequality
within countries and this is
increasing
b. most of the inequality in the
world results from inequality
between countries and this is
inreasing
c. inequality between
individuals within most countries
is declining, leading to a decline
in global inequality
d. inequality between countries
is declining while inequality
within countries is rising with the
net effect being falling global
inequality
e. inequality within countries is
declining while inequality
between countries is rising. With
the net effect being rising
global inequality
Give this one a try later!
True False
3 of 27
, Term Definition
which best explains income b
inequality between men and
women?
a. differences in cognitive ability
b. differences in education
c. differences in housework
d. differences in parents
e. differences in neighborhoods
Give this one a try later!
True False
Correct definition
d
4 of 27
Term Definition
a price-setting firm chooses a d
price that ensures all the
following except that
a. profits are maximized
b. the allocation is efficient
c. the firm earns monopoly
rents
