Complete the following table of the distribution of personal income by households in a recent year. What does the data indicate about the equality of income distribution in the United States?
Income is distributed unequally. For example, 10% of households earn less than $10,000, but 7% of households earn $100,000 or more.
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If a country's national government wants to stimulate spending in the economy, it should:
A) decrease taxes and increase government spending. B) increase taxes and decrease government spending. C) increase taxes and government spending. D) decrease taxes and government spending.
Total revenue cannot be derived from the demand curve or a demand schedule
a. True b. False Indicate whether the statement is true or false
The elasticities of the supply and demand curves in the market for cigarettes affect how much a tax distorts that market
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a necessary condition for a firm to price discriminate?
A) The firm must be able to separate markets. B) Buyers in different markets must have different elasticities of demand. C) Resale of the product must be preventable. D) The firm must be a price-taker.