Data for the United States suggests that about how many millionaires inherited their fortunes?
a. one in seven
b. one in five
c. one in three
d. one in two
b
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An increase in the price of a resource would cause: a. producers to substitute other inputs for the resource
b. consumers to substitute other products for goods that increase in price as the result of the higher resource price. c. an increase in the demand for products that use the resource intensely. d. both (a) and (b) to occur.
Unemployment insurance
a. reduces search effort which raises unemployment. b. reduces search effort which lowers unemployment. c. increases search effort which raises unemployment. d. increases search effort which decreases unemployment.
When the interest rate rises, bond values
A. rise. B. fall. C. will either increase or decrease depending on the type of bond. D. are unchanged because the interest rate paid on a bond is fixed.
In a goods market, sellers have higher bargaining power if:
A) the good being traded has close substitutes. B) there are several firms in the industry. C) there are just a few firms in the industry. D) there are just a few buyers in the market.