In the figure above, the richest 20 percent of all households receive what share of all income?
A) 10 percent
B) 20 percent
C) 30 percent
D) 40 percent
D
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For resources with vertical supply curves, earnings comprise of both economic rent and transfer earnings
a. True b. False Indicate whether the statement is true or false
If the dollar-per-pound exchange rate decreases,
a. British goods become more expensive to the British. b. British goods become more expensive to Americans. c. British goods become less expensive to Americans. d. British goods become less expensive to Europeans. e. none of the above.
The classical model assumes that
A. people have money illusion. B. wages and prices are flexible. C. wages are flexible but prices are not. D. imperfect competition predominates in most markets.
Which of the following would be considered an example of adverse selection?
A. Malpractice insurance may increase the amount of malpractice B. Drivers may be less cautious because they have airbags installed in a car C. Those individuals who most need insurance are the ones most likely to buy it D. Work contracts that give a set number of sick-days may encourage more workers to call in sick