The 2011 U.S. distribution of income shows that the top 20 percent of all families have
a. more than twelve times the income of the bottom 20 percent.
b. more than six times the income of the bottom 20 percent.
c. more than 100 percent more income than the bottom 20 percent.
d. the same share of income as the bottom 20 percent.
a
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Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 26 thousand forks B) 0 spoons C) 16 thousand spoons D) 20 thousand forks
A Purchasing Manager's Index below 50 indicates
A) a declining retail sector. B) a downturn in economic activity. C) an increase in bond prices in the near future. D) a declining manufacturing sector.
The supply chain refers to
A) the supply curve. B) the process of outsourcing. C) the process of downsizing. D) the process of creating and selling a product.
What is one reason it might be difficult to dissuade people from pirating music off the Internet?
A) Consumer surplus is very high when music is pirated. B) In general, consumers get a rush from "stealing." C) Consumers mistakenly believe that the Internet is public domain. D) Producer surplus is very low when music is pirated.