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Author Question: A quota is the same as a voluntary export restraint. Indicate whether the statement is true or ... (Read 42 times)

craiczarry

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on: Jun 29, 2018
A quota is the same as a voluntary export restraint.
 
  Indicate whether the statement is true or false

Question 2

What role might contests among superstars play in accounting for income inequality?
 
  What will be an ideal response?
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l.stuut

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

Contests can explain why the super-rich have incomes that have increased greatly over the years. With increased globalization, the pool of contestants has increased dramatically. With the larger number of conspiracy, each contestant's probability of winning has shrunk. So contests need to have larger differences in payouts for the winners versus the losers so as to induce larger efforts to win the contest. The result is that the contest winnersbe they sports stars, entertainment stars, of CEOsnowadays have much larger incomes than the vast number of losers.


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