Since the 1980s the proportion of income received by the top 5 percent of Americans has ____, and the measured income of Americans in the lowest fifth has ____
a. risen; risen
b. risen; fallen
c. fallen; risen
d. fallen; fallen
b
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A fall in the price of cabbage from $10.50 to $9.50 per bushel increases the quantity demanded from 18,800 to 21,200 bushels. The price elasticity of demand is
A) 0.80. B) 1.20. C) 1.25. D) 8.00.
In the neoclassical theory of growth, growth in ________ is the result of luck
A) saving B) income C) technology D) the real interest rate
Two-part pricing offers a mechanism whereby the firm can
A) charge two different prices to distinct groups of customers. B) collect two times as much from consumers as a single-price monopoly can. C) capture some or all of the consumer surplus. D) reduce some of its fixed costs.
According to most economists, reducing automobile emissions to zero would be:
a. optimal. b. inefficient. c. beneficial. d. impossible.