The above table shows the distribution of wealth and income for Miseria. What percent of wealth is owned by the poorest forty percent of the population?
A) 0 percent
B) 2 percent
C) 5 percent
D) 10 percent
B
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In the above table, the efficient level of output can be achieved through a per unit
A) subsidy of $20. B) tax of $20. C) subsidy of $60. D) tax of $60.
Answer the following statements true (T) or false (F)
1) A multi-plant firm is a firm with more than one demand curve. 2) Regardless if a multi-plant firm is perfectly competitive or has market power, to maximize profits, managers need to set the overall marginal cost from producing in each of their plants equal to the marginal revenue to find the profit-maximizing total quantity. 3) If the market price for multi-plant, perfectly competitive firm is $4, to maximize its profits, the firm should set the overall marginal cost of production equal to $4. 4) If the market price for multi-plant, perfectly competitive firm is $5, to maximize its profits, the firm should set the overall marginal cost of production to exceed $5. 5) If a multi-plant firm has market power, to maximize profit, it should set a price that exceeds its overall marginal cost.
The labor demand curve:
A. shows the relationship between the total quantity of labor demanded by all the firms in the economy and the wage rate. B. shows that, all things being equal, firms will want to hire more labor when wages are lower and less labor when wages are higher. C. has a negative slope. D. All of these are true.
The federal spending appropriation for Agriculture in the Fiscal Year 2016 was
A. $200 billion. B. $283 billion. C. $26 billion. D. $2 billion.