Since the 1970s, the share of income in the top fifth of households
A. has steadily increased.
B. has steadily decreased.
C. has remained relatively constant.
D. dipped in the 1980s but increased since.
Answer: D
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In an extreme hypothetical instance in which the price change of a good elicited no change in quantity demanded, we would say that the item is
A) perfectly elastic. B) perfectly inelastic. C) infinitely elastic. D) unitary elastic.
Which of the following explains why the demand for money curve has an inverse relationship between the interest rates and the quantity of money demanded?
A. As the interest rate rises, the opportunity cost of holding money rises, and people respond by converting cash or checking account balances into interest-bearing financial investments. B. As the interest rate rises, people find it advantageous to borrow money, which increases the quantity of money demanded. C. As the interest rate falls, the opportunity cost of holding money rises, and people respond by converting cash or checking account balances into interest-bearing financial investments. D. As the interest rate rises, the demand for money curve shifts outward to the right.
The distinguishing of products by brand name, color, and other attributes
A. leads to collusion. B. is known as interdependence. C. leads to many firms in the market. D. is known as product differentiation.
Refer to Figure 11-1. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) A to B to C. B) C to B to A. C) B to C to D. D) D to C to B.