The above table shows the distribution of wealth and income in Miseria. What percent of wealth is owned by the poorest twenty percent?
A) 0 percent
B) 2 percent
C) 3 percent
D) 5 percent
A
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The market demand curve for mangos is
A) upward sloping because rich people can afford more mangos than poor people can buy. B) the same as the demand curve of one buyer in a market with many buyers. C) the horizontal sum of the individual demand curves of all the buyers. D) the vertical sum of the individual demand curves of all the buyers. E) the horizontal average of the individual demand curves of all the buyers.
Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago
A) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago. B) workers in the United States are worse off than they were over 100 years ago. C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago. D) workers in the United States earn less income than they did over 100 years ago.
According to the figure, MiiTunes:
This figure displays the choices and payoffs (company profits) of two music shops-MiiTunes and The Rock Shop. MiiTunes is an established business in the area deciding whether to charge its usual high prices or to charge very low prices, in the hopes that a new business will not be able to make a profit at such low prices. The Rock Shop is trying to decide whether or not it should enter the market and compete with MiiTunes.
A. has a dominant strategy to charge low prices.
B. does not have a dominant strategy.
C. has a dominant strategy to charge high prices.
D. has more than one dominant strategy.
The interest rates on outstanding credit card balances are generally high because
A) the default rate on credit card loans is high and there are no assets backing these loans. B) the banks "price gouge" consumers in this market. C) there is little competition in this lending market. D) the administrative costs associated with these loans are low.