In 2011, a household with an annual income of $23,000 would find itself in the:
A. highest quintile of the household income distribution.
B. lowest quintile of the household income distribution.
C. second lowest quintile of the household income distribution.
D. second highest quintile of the household income distribution.
Answer: C
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One reason that a large share of the trade between high-income industrial economies is intraindustry trade is because
A) it is more advantageous than interindustry trade. B) high-income industrial economies produce in the first stage of the product cycle. C) high-income industrial economies are wealthier than developing countries. D) high-income industrial economies have dissimilar resource endowments in absolute terms. E) it allows firms to take advantage of internal economies of scale.
Economic agents can raise money capital by ________
A) issuing liabilities B) repaying a loan C) paying taxes D) providing a subsidy
In a market with positive externalities,
A) the efficient level of production is less than what competition will obtain. B) the efficient level of production is equal to what competition will obtain. C) the efficient level of production is more than what competition will obtain. D) there cannot be an efficient level of production.
Jimmy’s java shop operates in a monopolistically competitive market. Jimmy’s current output is where average costs are minimized. If this is the case, we would expect Jimmy to
A. increase output and lower price. B. decrease output and Jimmy’s average costs would increase. C. continue production at the current level as Jimmy’s is operating at his best outcome. D. increase output and Jimmy’s average costs would decrease.