The above table shows a firm's :

The above table shows a firm's
 
  A) long-run costs.
  B) short-run costs.
  C) short-run and long-run costs.
  D) More information is needed to determine if the costs are long-run costs or short-run costs.

---

Ques. 2

Purchasing power parity means equal rates of return.
 
  Indicate whether the statement is true or false

---

Ques. 3

According to John Rawls, the fair distribution of income is the one that
 
  A) makes the poorest person as well off as possible.
  B) makes the average person as well off as possible.
  C) results in equal income for all society members.
  D) is based on fair rules.

---

Ques. 4

When a government imposes penalties on both sellers and buyers of an illegal good, the price of the good ________ and the quantity ________.
 
  A) falls; decreases
  B) falls; might increase, decrease, or not change
  C) rises; might increase, decrease, or not change
  D) might rise, fall, or not change; decreases

---

Ques. 5

In the figure above, the second poorest 20 percent of households receive ________ of total income.
 
  A) 5 percent
  B) 10 percent
  C) 15 percent
  D) 20 percent