Use the information in the above table. The top 40 percent of the population earn
A) 66.7 percent of the income.
B) 55.5 percent of the income.
C) 50.0 percent of the income.
D) 44.4 percent of the income.
B
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Social cooperation by means of voluntary contracts and exchanges
A) cannot occur in a socialist economic system. B) cannot occur where government sets rules that restrict behavior. C) is easier to achieve when the laws of the society are clear and unchanging. D) is harder to achieve when the members of the society own very little material property in common.
Many people have argued that an income tax should be "marriage neutral," that is, two people should pay the same total tax whether they are married or they are single
Suppose Amanda earns nothing, Ben earns $60,000, and Cathy and Dylan each earn $30,000 . They are all single. a. Amanda pays no tax because she has no income. If they live in a country that has a progressive income tax, which will be higher: the tax that Ben pays or the sum of the taxes Cathy and Dylan pay? b. Amanda marries Ben and Cathy marries Dylan. This country taxes married couples based on a family's total income. Show that the newlyweds Amanda and Ben will pay the same tax as Cathy and Dylan's family. c. Is the income tax in this country marriage neutral?
Answer the following statements true (T) or false (F)
1) In the short run, managers are limited because at least one input is fixed. 2) The long-run marginal cost curve intersects the minimum point on the long-run average cost curve. 3) The long-run profit-maximizing quantity is found by setting the long run marginal cost equal to the long-run average cost. 4) In response to a decrease in the market demand, to maximize short-run profits, managers of perfectly competitive firms will decrease production by employing fewer fixed inputs. 5) At its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $4 and its long-run average cost is $3, it should expect the market price of its product to fall.
A firm's demand curve for loanable funds is
a. the same as the marginal revenue product of capital curve b. upward sloping because higher interest rates attract more loanable funds c. the same as the marginal factor cost curve d. horizontal because given the rate of interest, the firm can demand any quantity of loanable funds at that rate of interest e. expressed in terms of physical product