As of 2010, to be in the bottom quintile for income distribution in the United States, a family needed in income no more than
A. $15,000.
B. $27,000.
C. $23,000.
D. $35,000.
Answer: C
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What will be an ideal response?
A tax may be used as a corrective device in the case of a negative externality because it will __________ marginal private costs and __________ supply.
A. increase; decrease B. increase; increase C. decrease; decrease D. decrease; increase
The ability of unions to successfully raise wage rates is dependent on the
a. higher elasticity of supply for labor b. lower elasticity of supply for marginal product c. higher elasticity of demand for the goods produced d. lower elasticity of demand for the goods produced e. higher elasticity of demand for labor
A change in the relative price of one good versus another will cause a change in marginal product and the allocation of labor resources. When the price of good A increases relative to the price of good B and labor is mobile, the equilibrium real wage in industry A will:
a. rise in terms of good B. b. fall in terms of good B. c. remain the same. d. rise in terms of good A.