According to the textbook, the real mean income of the top 5 percent of families increased by ________ percent from 1980 to 2016.
A. 13
B. 75
C. 55
D. 10
Answer: B
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A decrease in the price of crude oil would most likely ________.
A. increase aggregate demand in the U.S. B. decrease aggregate demand in the U.S. C. decrease aggregate supply in the U.S. D. increase aggregate supply in the U.S.
According to the textbook, when claim they are using the cost-plus-markup formula, they
A) usually choose a 10 percent markup B) usually choose a 50 percent markup C) usually choose a 100 percent markup D) might not be correctly describing their price-setting behavior.
The phenomenon of underutilization of labor during a recession is called
A) labor stockpiling. B) investing in human capital. C) labor force stabilization. D) labor hoarding.
The cross price elasticity of demand for a good x is the percentage change in the quantity demanded of good x in response to a given percentage change in
A) income. B) the price of good x. C) the price of good y. D) the quantity demanded of good y.