Which of the following statements best describes income distribution in the United States?
(A) Most people earn the same income.
(B) The richest 20 percent of the population has about 20 percent of the national income.
(C) The richest 20 percent of the population has a much greater share of income than the poorest 20 percent.
(D) The richest 20 percent of the population has slightly more income than the poorest 20 percent.
Ans: (C) The richest 20 percent of the population has a much greater share of income than the poorest 20 percent.
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Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to buy the Mountain Dew. The opportunity cost of the Mountain Dew is
A) the Pepsi and the bag of chips. B) the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. C) the Mountain Dew. D) the Pepsi because it is a drink, as is the Mountain Dew. E) zero because he enjoys the Mountain Dew.
Which aspects of globalization help to increase growth in the world economy?
What will be an ideal response?
The "Applied Perspective" titled "Cross Elasticity in the Salmon Industry" suggests that the cross elasticity of demand between farm-raised salmon and wild salmon is
a. positive and fairly large so the two types of fish are close substitutes consumers b. positive but close to zero so the two types of fish are in different markets c. negative because consumers like to serve both types as complementary goods d. high so that a price decrease leads to a total revenue increase e. low so that a price decrease leads to a total revenue decrease
Refer to the above table. If the price is $3, the perfectly competitive firm should produce
A. 104 units. B. 105 units. C. 103 units. D. 102 units.