In 2009, the top 1 percent of income earners
a. made about 13 percent of all income.
b. paid about 22 percent of all taxes.
c. made over 2.5 times the percentage of all income earned by the lowest quintile.
d. All of the above are correct.
d
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An example of the outlet substitution bias in the calculation of the CPI is a price increase in
A) a trip to Mexico for a couple that had previously taken vacations in Europe. B) a 2014 Honda Civic relative to a 2004 Honda Civic. C) GPS units versus AAA map books. D) textbooks bought through the campus bookstore relative to textbooks via Craigslist. E) olive oil versus vegetable oil.
If a good has an income elasticity of 0.18, then it is:
A. an inferior good, and a luxury. B. a normal good, and a luxury good. C. a normal good, and a necessity. D. an inferior good, and a necessity.
Fiat money is:
a. includes currency and gold in bank vaults. b. does not include coins. c. is backed by any sort of commodity. d. has no value outside of its use as money.
Property owned by everyone (and thus no one in particular) is generally referred to as
A) social property. B) private property. C) common property. D) natural property.