Use the above table. What percentage of income is received by the poorest 60% of the population?
A. 44.44 percent
B. 27.78 percent
C. 33.33 percent
D. 55.56 percent
Answer: A
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Suppose there are only two goods: lettuce and grapes. In California, a head of lettuce sells for 50¢ and a bunch of grapes sells for $1. In Nebraska, 25¢ must be added to these absolute prices to cover transportation costs. How do these transportation costs affect the relative prices of lettuce and grapes?
a. The transportation costs do not affect the relative prices of lettuce and grapes. b. The relative prices of lettuce and grapes are both higher when transportation costs are added. c. The addition of transportation costs makes the relative price of grapes higher and the relative price of lettuce lower. d. The transportation costs raise the relative price of lettuce but lower the relative price of grapes.
Assuming that C = $6,200, I = $1,300, G = $1,100, Exports = $630, Imports = $750, and Depreciation = $600 (all in billions of dollars), GDP equals $7,880
Indicate whether the statement is true or false
If the spending multiplier is 3 and the desired amount of increase in real GDP is $90 million, then by how much would government spending have to increase? a. $270 million. b. $90 million
c. $30 million. d. $0.
Explain briefly the following concepts:
(a) Increasing returns to scale. (b) Decreasing returns to scale. (c) Constant returns to scale