In 2011, a household with an annual income of $75,000 would find itself in the:
A. second lowest quintile of the household income distribution.
B. third quintile of the household income distribution.
C. fourth quintile of the household income distribution.
D. fifth (highest) quintile of the household income distribution.
Answer: C
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______________: Using right methods of production
Fill in the blank(s) with the appropriate word(s).
Which statement is true?
A. Since the early 1990s the U.S. trade deficit has risen every year. B. Net exports has always been positive. C. The U.S. exports more services than merchandise (in terms of dollars). D. The U.S. balance of trade was positive for most of the 20th century.
The marginal utility of a good (e.g., bananas) declines with increases in the consumption of that good. This phenomenon is referred to as the
A) Engel's Law. B) Law of Demand. C) Law of Diminishing Marginal Utility. D) None of the above.
Keynesian economists believe that in the short run,
A. money neutrality exists and prices do not adjust rapidly. B. money neutrality exists and prices adjust rapidly. C. money neutrality does not exist and prices adjust rapidly. D. money neutrality does not exist and prices do not adjust rapidly.